Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) PT Raised to $168 at Needham

Needham analyst Charles Shi raised the price target on Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) to $168.00 (from $133.00) while maintaining a Buy rating.

The analyst commented, "We are trimming our 2Q24 estimates for TSMC to reflect the impact of the recent earthquake in Taiwan on near-term financials. While TSMC has reaffirmed its full-year outlook of low- to mid-20s revenue growth, we believe the company might be seeing some short-term production delays and wafer losses, which could hurt June-quarter sales. We use the photoresist incident in 2019 as a proxy and lower our 2Q24 revenue and GM estimates to 5% and 200bps below their respective consensus estimates. We expect TSMC to make up most of the lost sales in 3Q24 and meet its full-year growth target. We believe TSMC is one of the best AI pick-and-shovel stories and raise our PT to $168. Maintain Buy."

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