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Top-Ranked Analyst Increases Price Target on Taiwan Semiconductor by 12.5%

By Don Francis, Editor
April 3, 2024 7:40 AM UTC
Top-Ranked Analyst Increases Price Target on Taiwan Semiconductor by 12.5%

Susquehanna's Mehdi Hosseini raised their price target on Taiwan Semiconductor Manufacturing Co (NYSE: TSM) by 12.5% from $160 to $180 on April 2, 2024. The analyst maintained their Strong Buy rating on the stock.

Hosseini explained that the price target adjustment was driven by two factors. First, Susquehanna's estimates were revised upward due to better wafer average selling prices (ASPs). This suggests that Taiwan Semiconductor Manufacturing Co is experiencing improved revenue generation from its wafer products. Second, Hosseini pointed out that the company's earnings per share (EPS) power is moving up towards $10, which contributes to a continued valuation re-rating.

This positive rating and price target adjustment follow Barclays analyst Simon Coles' update on the stock. On the same day, Coles raised their price target on TSM by 16% from $125 to $145, while maintaining a Strong Buy rating.

The consensus among top-rated analysts is unanimous, with 100% of them classifying TSM as a Strong Buy or Buy. No analysts view the stock as a Hold, and none recommend or strongly recommend selling it.

Taiwan Semiconductor Manufacturing Co has shown impressive performance in recent months. Since its last quarterly report on December 31, 2023, the stock price has surged by 34.8%. Furthermore, TSM has experienced a significant year-over-year increase of 51%. These strong gains have outpaced the performance of the S&P 500 index, which saw a 26.2% increase during the same period.

Mehdi Hosseini, the Susquehanna analyst responsible for the price target adjustment, is highly regarded within the industry. Hosseini is ranked in the top 20% of Wall Street analysts by WallStreetZen, with an average return of 5.3% and an impressive 47% win rate. Their expertise lies in the Industrials and Technology sectors.

Taiwan Semiconductor Manufacturing Co is a leading manufacturer and seller of integrated circuits and other semiconductor devices. The company operates in Taiwan, the U.S., and internationally. In addition to its product offerings, Taiwan Semiconductor provides customer support, account management, and engineering services. Its products are widely used in various sectors, including mobile devices, high-performance computing, automotive electronics, and the Internet of Things (IoT).

Headquartered in Hsinchu City, Taiwan, Taiwan Semiconductor Manufacturing Co was established in 1987. The company's continued success and positive analyst ratings position it as a key player in the semiconductor industry.

Is Taiwan Semiconductor Manufacturing Co a Buy, Hold or Sell?

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