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Macquarie Raises TSMC Price Target to NT$4,410 Ahead of Earnings Call
Electronic Technology · Semiconductors · economic_daily · 2026-10-07
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Macquarie Securities has set a new street-high price target for TSMC, citing strong 2nm production progress and robust AI demand as key growth drivers.
What Happened
Record Price Target: Ahead of TSMC's upcoming earnings call, Macquarie Securities has raised its price target for the company to NT$4,410, marking the highest target among both domestic and foreign brokerages. Analyst Lai Yu-chang has maintained an 'Outperform' rating, designating the stock as a top 'Marquee buy'.
Key Earnings Focus: Investors are closely watching four main topics during the October 15th earnings call: Q4 gross margin guidance, 2nm revenue contributions, 2027 pricing strategies, and updates on the Texas facility. The company's pricing power for its 2nm process is considered the primary driver for future margin expansion.
2nm Production Momentum: The report highlights that TSMC's 2nm production ramp-up is significantly ahead of initial expectations. Driven by strong AI demand and rising average selling prices (ASP), Macquarie projects a 47% compound annual growth rate (CAGR) for EPS between 2025 and 2028.
Long-term Outlook: Regarding concerns over margin dilution from overseas expansion, analysts suggest that the impact from the Texas plant will be minimal in the near term, as advanced fabrication facilities typically take years to reach full production. TSMC's profit growth remains robust, supported by its leadership in advanced nodes and new product cycles.
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