Citigroup raised its price target for Taiwan Semiconductor Manufacturing Co. (TSMC) to NT$3,800 from NT$2,875. The bank maintained a "Buy" rating based on sustained demand for advanced artificial intelligence chips. This growth includes GPUs, custom ASICs, and networking silicon.
Analysts expect TSMC to raise its 2026 revenue guidance and long-term growth outlook during its July 16 earnings call. The report highlighted TSMC’s competitive edge in manufacturing scale and advanced packaging technologies.
Citi increased its capital expenditure forecasts for 2027 and 2028. The bank now projects spending between $75 billion and $80 billion to meet rising demand.