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<Research>Citi Elevates TSMC TP to TWD1,280, Benefiting from Smartphone & AI Chip Upgrades
TSMC's 5M25 revenue increased by 43% YoY in TWD terms, compared to the guidance of a 20-30% YoY increase in USD terms, according to a research report issued by Citi Research. A...
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<Research>Citi Elevates TSMC TP to TWD1,280, Benefiting from Smartphone & AI Chip Upgrades
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TSMC's 5M25 revenue increased by 43% YoY in TWD terms, compared to the guidance of a 20-30% YoY increase in USD terms, according to a research report issued by Citi Research.

Although TSMC's 2H25 outlook is expected to be relatively stable, the broker believed that TSMC is likely to beat its full-year guidance, benefiting from the migration of smartphones to 2nm technology and AI chips' migration to 3nm technology in 2026.

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It is anticipated that these two processes will contribute more than 40% to TSMC's 2026 revenue. Therefore, Citi Research reiterated rating at Buy for TSMC, and elevated its target price from TWD1,100 to TWD1,280.

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