Bernstein Raises Taiwan Semi Price Target to $430
Bernstein SocGen Group analyst Mark Li raised the price target on Taiwan Semi (NYSE: TSM) to $430.00 (from $351.00) while maintaining an Outperform rating.
“Still the most trustworthy AI compounder; Expecting 28% EPS CAGR in the next 2.5 years, we don’t see an Apple/Intel collaboration, even if true, affecting TSMC’s position & set TP at NT$2,780 on 20x 1-year forward P/E.
Intel & Samsung Foundry may gain traction, but only limitedly & on geopolitical reasons or mature nodes.
With no sign suggesting Intel narrowing the gap with TSMC technology- & cost-wise, we believe Apple will produce only “small” products at Intel.
Samsung Foundry is fundamentally improving, but on 4nm or “2nm” (but equivalent to TSMC’s 3nm), while TSMC’s is already mass-producing the true 2nm.
Any of these, even if true, won’t lead to lower revenue, as TSMC’s revenue is bound by capacity.”
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