Aletheia Capital Raises TSMC Price Target to NT$3,500
Aletheia Capital analyst Stefan Chang raised the price target on TSMC (2330:TT) (NYSE: TSM) to NT$3,500.00 while maintaining a Buy rating.
“After our recent field trip to all TSMC’s new fabs in Taiwan, we now believe TSMC’s new advanced nodes capacity expansion will be 70kwpm, 150kwpm, and 170kwpm in 2026/27/28E.
This suggests TSMC’s WFE can potentially double YoY in 2027E, while 2028E will see double digit growth.
As for the back-end, we believe TSMC will focus more on CoWoS in the next 12 months, while SoIC and CoPoS will be more of a 2H27E/2028E story.
Should TSMC be able to fill up all new capacity, its revenue and earnings growth should accelerate in 2028E following a 30%+ CAGR in 2024-2027E, which the market has currently underestimated.
For the near-term, TSMC is likely to top its 2Q26E revenue guidance and beat on margins.
We reiterate BUY for TSMC and raise our TP to TWD3,500/$700 for the local shares and the ADR, based on 20x/25x average 2027/28E P/E.”
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