Analyst increases TSMC price target, riding off major US tech giants making chips on N3 node

Analyst lifts price targets for TSMC and US listed shares, as insatiable AI GPU demand, CoWoS packaging demand, and success of N3 process node.

3 minutes & 9 seconds read time

Bernstein analysts have just lifted their price targets for TSMC's Taiwan and US-listed shares, with the new price target hitting NT$1080, up from NT$900, while US-listed shares have new price targets of $200, up from $150.

Analyst increases TSMC price target, riding off major US tech giants making chips on N3 node 02

The analysts expect TSMC to surpass its 2024 guidance, which is driven by two factors: high-end smartphone demand and advanced technology nodes used by virtually every major US tech company: Apple, AMD, Intel, NVIDIA, Qualcomm, and more.

TSMC's continued data center AI revenue continues to climb, but an "unexpected boost" reports, comes from AI's influence on smartphone upgrades. We've already got Samsung with Galaxy AI on its new Galaxy S24 smartphones, and Apple has ChatGPT-powered "Apple Intelligence" coming later this year.

Bernstein analysts noted: "N3 & N5 capacity is full now. We expect 3Q24 revenue guide to beat & 2024 full-year USD revenue to rise by 25% & EPS by 28%".

The analyst firm projects EPS to possibly see an additional 26% in 2026, with continued demand that we've been hearing about recently on CoWoS advanced packaging at TSMC, as well as the earlier-than-expected launch of Intel's new Lunar Lake processors, and the rumored price increases of advanced nodes.

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* Prices last scanned on 7/19/2024 at 12:40 am CDT - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering and has recently taken a keen interest in artificial intelligence (AI) hardware.

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