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.
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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 Investing.com, 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%”.
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- Read more: TSMC to raise 3nm manufacturing costs by 5%, new CoWoS advanced packaging 10-20% in 2025
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- Read more: TSMC’s 3nm process production lines booked through 2026: Apple, Qualcomm, NVIDIA, and AMD
- Read more: Synopsys, Samsung achieve production tapeout of next-gen Exynos SoC on 3nm node
- Read more: Samsung in the AI era: next-gen 2nm node with backside power delivery mass production in 2027
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.