Taiwan Semi (TSM) PT Raised to $560 at Needham

Needham analyst Charles Shi raised the price target on Taiwan Semi (NYSE: TSM) to $560.00 (from $530.00) while maintaining a Buy rating.

The analyst comments "TSMC reported a strong beat-and-raise quarter with revenue ahead, GM in-line, and CapEx in-line vs. expectations. Three data points stood out for us: 1) While reaffirming 5-yr AI accelerator revenue CAGR in mid- to high 50s, TSMC hinted the bias is to the upside; 2) TSMC now plans to add four new fabs for additional N3 capacity, including two in Taiwan, one in the U.S. and one in Japan; 3) TSMC confirmed it is looking for a new site in the U.S. and is in discussions with Terafab. With this note, we are raising our forward revenue estimates and increasing our CapEx estimates to $90B in 2027 and $100B in 2028. Our PT is raised to $560 on an unchanged multiple. Maintain Buy."

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