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<Research>BofAS: TWD Appreciation Won't Affect TSMC's LT Tailwinds; TP Raised to USD260
BofA Securities has issued a research report lowering its 2025-27 earnings forecasts for TSMC (TSM.US) by 3.2-5.3% to reflect the pressure of forex fluctuations on its gross margin...
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<Research>BofAS: TWD Appreciation Won't Affect TSMC's LT Tailwinds; TP Raised to USD260
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BofA Securities has issued a research report lowering its 2025-27 earnings forecasts for TSMC (TSM.US)      by 3.2-5.3% to reflect the pressure of forex fluctuations on its gross margins, even though its strong AI ASIC and GPU chip orders could mitigate downside risks.

The broker also pointed out that the rapid appreciation of the TWD would pose short-term headwinds to TSMC's gross margins and non-operating income, but it wouldn't affect the company's long-term structural positives.

Related NewsISM Manufacturing PMI for Jun in United States is 49.0, higher than the previous value of 48.5. The forecast was 48.8.
Considering TSMC's structural advantages, leading technology nodes, and solid customer demand, BofA Securities lifted its target price from USD220 to USD260 and reiterated the Buy rating. It remained upbeat about TSMC's growth outlook.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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