Taiwan Semiconductor Sees Boost from 3nm and 5nm Nodes, Analyst Highlights Q3 Outlook
Portfolio Pulse from Anusuya Lahiri
Needham analyst Charles Shi reiterated a Buy rating on Taiwan Semiconductor Manufacturing Co (NYSE:TSM) with a price target of $210. TSM reported strong Q2 results, beating revenue and earnings estimates, driven by demand for 3nm and 5nm nodes. Despite a slight dip in smartphone sales, TSM's Q3 guidance is optimistic, with expected revenue of $22.80 billion and a gross margin of 54.5%. TSM also raised its fiscal 2024 revenue guidance.
July 19, 2024 | 5:26 pm
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Needham analyst Charles Shi reiterated a Buy rating on Taiwan Semiconductor Manufacturing Co (NYSE:TSM) with a price target of $210. TSM reported strong Q2 results, beating revenue and earnings estimates, driven by demand for 3nm and 5nm nodes. Despite a slight dip in smartphone sales, TSM's Q3 guidance is optimistic, with expected revenue of $22.80 billion and a gross margin of 54.5%. TSM also raised its fiscal 2024 revenue guidance.
The reiteration of a Buy rating and a price target of $210 by Needham analyst Charles Shi, along with strong Q2 results and optimistic Q3 guidance, are likely to positively impact TSM's stock price in the short term. The demand for 3nm and 5nm nodes and raised fiscal 2024 revenue guidance further support this positive outlook.
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