$Taiwan Semiconductor (TSM.US)$ 💡 Morgan Stanley raised the...
💡 Morgan Stanley raises the target stock price of TSMC to 1,180 NT dollars $TSM
1️⃣ Change in stock price target and rating
Morgan Stanley has raised the target stock price of TSMC $TSM from 1,080 NT dollars to 1,180 NT dollars. This is an upward revision of about 9.3%. They also maintain an "Overweight" rating.
2️⃣ Outlook for the second quarter of 2024
Analysts predict that the performance and outlook for the second quarter of 2024 for TSMC will be in line with market expectations. This suggests a recovery in the semiconductor market and the maintenance of TSMC's technological advantage.
3️⃣ Price and demand outlook
Morgan Stanley has an optimistic view on the following two points:
- Rising trend in wafer prices
- Strong demand for SoIC (System on Integrated Chips) 3D IC technology
4️⃣ The trend of major customers
Regarding major customers adopting TSMC's advanced manufacturing process:
- Apple $AAPL: Expected to adopt SoIC 3D IC technology in the second half of 2025
- NVIDIA $NVDA: Expected to adopt SoIC 3D IC technology in 2028
Stock price evaluation The new stock price target of 1,180 Taiwan dollars corresponds to 23 times the 2025 eps (earnings per share) forecasted by Morgan Stanley. This valuation multiple reflects TSMC's growth outlook and competitive position within the industry.
Summary Morgan Stanley's analysis of TSMC demonstrates strong confidence in the company's short-term stability and long-term growth potential. The upward trend in wafer prices, demand for SoIC technology, and strong relationships with key customers support TSMC's competitiveness. However, investors also need to be aware of geopolitical risks, changes in the competitive environment, and the cyclical nature specific to the semiconductor industry. While TSMC maintains its position as an industry leader, it is crucial to continuously monitor the pace of technological innovation and market trends.
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