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Goldman Sachs raises TSMC's 12-month target price to NT$3,300 and increases capital expenditure forecasts
The Block
1h ago
Ai Focus
Goldman Sachs raised TSMC's 12-month target price from NT$3,100 to NT$3,300, expecting that with the growth in demand for GPU, networking chips, and server CPU driven by artificial intelligence, TSMC's growth momentum will remain strong next year. The firm also raised its capital expenditure forecasts for 2027 and 2028, maintaining a "buy" rating.
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Goldman Sachs raised TSMC's 12-month target price from NT$3,100 to NT$3,300, indicating a potential increase of about 28%.

Goldman Sachs expects that as the demand for GPU, networking chips, and server CPU continues to grow due to artificial intelligence, TSMC's growth momentum will remain strong next year.

Goldman Sachs analysts wrote in the report: "Notably, the AI entity has driven an increase in demand for CPU, which is a key change that has occurred over the past year."

Goldman Sachs expects TSMC's revenue in 2026 and 2027 to increase by 42% and 36.9% year-on-year respectively in US dollars, with gross margins of 67.2% and 67.5% respectively.

Goldman Sachs also raised its capital expenditure forecasts for 2027 and 2028 from $78 billion and $82 billion to $85 billion and $98 billion respectively, expecting TSMC to further increase capacity investments to support the longer-term needs of its customers.

Goldman Sachs maintains a 'buy' rating on TSMC.

Note: TSMC rose 3% on Monday, closing at NT$2,575.

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