BofA raised the firm’s price target on TSMC (TSM) to $470 from $430 and keeps a Buy rating on the shares after TSMC raised its AI total addressable market forecast on the hyperscalers’ commitment in AI investment, lifting its sales growth guidance close to 30% year-over-year this year and 2024-2029 compound annual growth rate to about 25% from close to 20% prior guidance. TSMC guided to $52B-$56B in capex for 2026 and the firm expects a further leg up to $58B in 2027, the analyst noted.
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