(TSM) stock has risen 1.2% over the past week, 10.5% over the past month, and an eye-catching 149.6% over the last year. Wall Street’s analysts are strongly bullish, forecasting further gains with a 12‑month average price target of $453, implying meaningful upside from the last close at $375.10.
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Analyst Haas Liu (BofA Securities) reiterated a Buy rating on TSM on April 16, 2026, lifting the price objective on the ADRs to $500.00. This target suggests notable upside from current levels and reinforces the broader StrongBuy consensus that has formed around the stock.
Liu’s report points to a very strong start to 2026, with first‑quarter sales at the high end of guidance, up 8% quarter over quarter. Robust demand for high‑performance computing (HPC), up 20% QoQ, more than offset typical smartphone seasonality and helped push gross margins to 66.2% and operating margins to 58.1%.
Looking ahead, management guided second‑quarter sales to grow 9–12% QoQ, ahead of prior expectations, while gross margins are seen expanding further to about 66.5%. Full‑year 2026 sales guidance was raised from roughly 30% year‑on‑year growth to above 30%, driven by new generations of GPUs, ASICs, x86 and ARM CPUs, and Apple product launches.
TSMC’s capex is tracking to the high end of its $52–56 billion guidance for 2026, as it accelerates 3nm capacity buildout in Taiwan and expands in the U.S. and Japan. Liu argues that even with heavy investment, sales should outgrow capex, 3nm margins are set to surpass the corporate average in the second half of 2026, and the stock still trades at a mid‑cycle valuation, supporting his bullish $500 target.
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