Jefferies Starts Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) at Hold

Jefferies initiates coverage on Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) with a Hold and NT$70 price target.

The firm said, "While we fundamentally like the story, we do not find the risk-reward attractive at the current price. We are concerned that market expectations on the stock are too high, particularly on the Apple A6. We think street estimates are too optimistic and expect EPS to decline by 0.5% in 2012E, versus the consensus forecast for 13% growth."

For more ratings news on Taiwan Semiconductor Manufacturing Co. Ltd. click here and for the rating history of Taiwan Semiconductor Manufacturing Co. Ltd. click here.

Shares of Taiwan Semiconductor Manufacturing Co. Ltd. closed at $11.97 yesterday.

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