Bank of America Securities analyst Mike Yang maintained a Buy rating on TSMC today and set a price target of $360.00.
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Mike Yang’s rating is based on TSMC’s strong sales performance in October, which saw an 11% increase month-over-month and a 17% rise year-over-year, aligning well with the company’s fourth-quarter sales guidance. This growth is attributed to the robust demand for high-end mobile devices and high-performance computing (HPC) products, particularly in the GPU and ASIC sectors. The company’s ability to maintain its gross margins and operating margins at expected levels further supports the positive outlook.
Additionally, the sustained demand for cloud AI infrastructure is expected to continue into 2026, driven by significant capital expenditures from major hyperscalers like Microsoft and Google. This demand, coupled with supply chain constraints in advanced manufacturing processes, indicates a healthy backlog for TSMC’s products. Consequently, Mike Yang maintains a Buy rating with a price objective of NT$1,800, reflecting confidence in TSMC’s strategic positioning amid the growing AI market.
In another report released on October 27, Needham also reiterated a Buy rating on the stock with a $360.00 price target.