Bank of America Raises Taiwan Semi Price Target to $470
BofA Securities analyst Brad Lin raised the price target on Taiwan Semi (NYSE: TSM) to $470.00 (from $430.00) while maintaining a Buy rating.
“TSMC’s technology leadership should sustain, lifting blended wafer pricing by ~30% CAGR from ’25-27 (vs. +17% CAGR from ’20-25) on the hike of like-for-like advanced node price, widening starting price premium on new nodes along with mix shift on capacity optimization.
We estimate its wafer capacity and shipment could stay stable, with advanced node +15% CAGR from ’25-27 balanced by decline in mature nodes.
The strong pricing and sustaining utilization should allow its sales to outgrow depreciation (+20% CAGR), expanding its GMs to 64%/65% in ’26/27 (vs. its structural GMs of 56%+.”
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