Macquarie Raises TSMC Price Target to NT$2,550
Macquarie analyst Arthur Lai raised the price target on TSMC (2330:TT) (NYSE: TSM) to NT$2,550.00 (from NT$2,400.00) while maintaining a Outperform rating.
“AI pricing power now offsets the consumer electronics slump in 2026. N2 volume started in 2025; global N3 expansion underway with new fabs in Taiwan (1H27), US (2H27), and Japan (2028).
2026 capex is tracking at the US$56bn high end to lock in advanced tools and packaging for insatiable AI demand… Valuation: We lift our TP 6% to NT$2,550, from NT$2,400, based on an unchanged 21x 2027E PE target multiple, justified by a 37% EPS CAGR in 2024-28E.”
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