TSMC price target raised to $270 from $225 at Needham

Needham analyst Charles Shi raised the firm’s price target on TSMC (TSM) to $270 from $225 and keeps a Buy rating on the shares. The firm’s AI wafer demand model suggests that TSMC doesn’t need much unit volume growth to reach its target of $90B in AI revenue by 2029, the analyst tells investors in a research note. Significant silicon content growth from increasing number of compute dies in a package and the transition to custom HBM base dies should sustain the rapid AI revenue growth to $90B within four years, the firm added.