Goldman Sachs raises the target price for Taiwan Semiconductor (2330.TW) to NT$2,600

AASTOCKS
2026.01.16 06:15

Goldman Sachs released a report indicating that Taiwan Semiconductor (TSM.US) announced its fourth-quarter performance for 2025 yesterday (15th), significantly raising its outlook for AI. It not only adjusted the compound annual growth rate of AI business revenue over the next five years from the original range of approximately 44% to 46% up to a level of 54% to 59%, but also raised the long-term revenue growth compound annual growth rate target (2024 to 2029) from the original 20% to nearly 25%.

Goldman Sachs believes that more importantly, TSMC's management clearly stated that the supply-demand imbalance driven by AI has not yet been resolved, and advanced process capacity remains constrained, further reinforcing the bank's view that the supply-demand gap is likely to persist until 2027.

The bank raised its earnings per share forecast for TSMC for 2026 to 2027 by 11% to 12%, and adjusted TSMC's (2330.TW) target price from NT$2,330 to NT$2,600, maintaining a "Buy" rating

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