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Analysts Maintain Bullish Stance on TSMC as BNP Paribas Raises Price Target
Electronic Technology · Semiconductors · economic_daily · 2026-10-15
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Following strong Q3 results and a positive outlook, analysts remain bullish on TSMC, with BNP Paribas raising its price target to NT$3,090 and CLSA suggesting the stock remains undervalued.
What Happened
Post-Earnings Analyst Sentiment: TSMC's robust third-quarter financial results and strong forward guidance have solidified positive sentiment among major institutional investors. BNP Paribas has officially raised its price target for the company to NT$3,090, reflecting confidence in its long-term growth trajectory.
Undervaluation Concerns: CLSA maintains a strong buy rating with a target of NT$3,700, arguing that TSMC’s current valuation is unreasonably low given its central role in AI infrastructure. This perspective suggests that further upward revisions to price targets may be on the horizon as AI demand continues to accelerate.
Target Price Landscape: Macquarie currently holds the highest target price among foreign brokerages at NT$4,410, followed by Citi and HSBC. While many firms had already adjusted their targets prior to the earnings call, the overall consensus remains overwhelmingly bullish on the semiconductor giant's prospects.
Growth Drivers: Analysts highlight strong demand for AI chips, the emergence of CPU-related growth, and promising outlooks for 2nm and 14nm processes as key catalysts. Consequently, earnings per share estimates for 2026 through 2028 have been revised upward by up to 10%, reinforcing TSMC's dominant market position.