S&P Equity Research Downgrades Taiwan Semiconductor (TSM) to Hold
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S&P Equity Research downgrades Taiwan Semiconductor (NYSE: TSM) from Buy to Hold.
S&P analyst, R. Lin, says, "TSM reports Q1 results generally in line with our expectations. Revenues (in NT$) fell about 7% from last quarter as a result of lower wafer shipments for PC and consumer electronic applications and because of appreciation of the NT$ against the $US. EBIT margin narrowed on the currency impact and on higher compensation costs. We raise our '08 earnings per ADS by $0.05 to $0.78, largely on exchange rate fluctuation. But we downgrade the ADSs to hold from buy on valuation, since they have appreciated to near our 12-month target price of $12 based on relative metrics."
Taiwan Semiconductor Manufacturing Company Limited (TSMC), incorporated on February 21, 1987, is a foundry in the semiconductor industry. [SM]
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