TD Cowen Raises Taiwan Semi Price Target to $370
TD Cowen analyst Krish Sankar raised the price target on Taiwan Semi (NYSE: TSM) to $370.00 (from $325.00) while maintaining a Hold rating.
“Manufacturing Excellence Drives Beat/Raise and CY26 Growth Outlook of +30% Y/Y; TSM reported another upside results and outlook quarter while upping LT growth targets for revenue (25% CAGR for CY24-CY29) and AI/cloud demand (mid/high-50%).
The CY26 capex target of $52-56B is also a good leading signal on future demand, and is also a positive for the Semicap sector.
Mar Q GM guided to strong 63-65% but the N2 node and overseas fab ramps will bring higher dilution from C2H26.
Our PT to US$370 / NT$1900 (was $325 / NT$1600) represent 25x/21x P/E multiple (was 25x/20x) our CY26E EPS of US$14.60 / NT$91 (was US$12.75 / NT$78.50). On a P/S basis, our PT represents 12x our CY26 sales forecast.”
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