TSMC stock price target hiked at Bernstein on more CoWoS capacity, node price hikes
Bernstein analysts lifted their price targets for TSMC’s Taiwan and US-listed shares on Thursday. The new price target for Taiwan stock stands at NT$1,080, up from NT$900. For US-listed shares, Bernstein raised the price objective to $200 from $150.
“N3 & N5 capacity is full now,” analysts noted. “We expect 3Q24 revenue guide to beat & 2024 full-year USD revenue to rise by 25% & EPS by 28%.” Bernstein has also slightly adjusted its 2024 capital expenditure projections for TSMC upward due to CoWoS investments but has left the 2025 and 2026 estimates unchanged “as we need visibility on upcoming iPhone to better gauge the impact of Edge AI.”
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