Barclays Raises TSMC Price Target to $625

Barclays analyst Simon Coles raised the price target on Taiwan Semi (NYSE: TSM) to $625.00 (from $470.00) while maintaining a Overweight rating.

“Our recent Asia supply chain trip (see here) was dominated by clamouring for advanced logic wafer supply, supporting our view of continued strong growth at TSMC.

Our channel checks reassure us that market share shifts on the packaging side are not straightforward and case dependent even if we expect news flow here to continue.

Thus we continue to see TSMC as one of the best ways to gain AI exposure within our coverage with further earnings momentum. Valuation continues to be attractive, in our view.

We increase our PT to $625 from $470 as we raise estimates and roll our valuation forward to 2028E. We now model capex of $56bn/$74bn in 2026/27.”

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