Bank of America Raises TSMC (2330:TT) Price Target to TWD2,560

BofA Securities analyst Haas Liu raised the price target on TSMC (2330:TT) (NYSE: TSM) to TWD2,560.00 (from TWD2,530.00) while maintaining a Buy rating.

“TSMC reported solid 1Q26 results and guided 2Q26 sales above at +9-12% QoQ while GM is guided up to 66.5% +/-1% driven by 3nm full utilization and price hike though mildly impacted by overseas fab ramp.

The company raised full year sales to 30%+ in US$, suggesting 10%+ HoH in 2H26 for steep 2nm ramp for Apple and AMD along with 3nm strength from GPUs/ASICs refreshes.

While GMs could dip to mid-60% in 2H26 on 2nm production, operating leverage should keep full year GM/OpM strong at 65%/57%.”

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