Taiwan Semiconductor Manufacturing (NYSE:TSM) Given New $360.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has increased its price target for Taiwan Semiconductor Manufacturing (TSM) from $270.00 to $360.00, suggesting a potential upside of 17.85% from the current price.
• Other research firms have also raised their price targets, with Susquehanna setting a target of $400.00 and Barclays adjusting it to $330.00, indicating a generally positive sentiment towards the stock.
• The company's recent quarterly earnings surpassed expectations, reporting $30.07 billion in revenue and $2.47 per share, reflecting a significant year-over-year growth.

Taiwan Semiconductor Manufacturing (NYSE:TSM - Get Free Report) had its price target increased by equities researchers at Needham & Company LLC from $270.00 to $360.00 in a report released on Thursday,Benzinga reports. The firm currently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price objective would suggest a potential upside of 17.85% from the company's current price.

Several other research firms also recently weighed in on TSM. Susquehanna raised their price target on shares of Taiwan Semiconductor Manufacturing from $300.00 to $400.00 and gave the stock a "positive" rating in a research note on Friday, October 10th. Itau BBA Securities started coverage on shares of Taiwan Semiconductor Manufacturing in a research report on Tuesday, October 7th. They set an "outperform" rating for the company. Weiss Ratings restated a "hold (c+)" rating on shares of Taiwan Semiconductor Manufacturing in a report on Wednesday, October 8th. Barclays boosted their price target on shares of Taiwan Semiconductor Manufacturing from $325.00 to $330.00 and gave the stock an "overweight" rating in a report on Thursday, October 9th. Finally, Wall Street Zen upgraded shares of Taiwan Semiconductor Manufacturing from a "hold" rating to a "buy" rating in a research report on Sunday, August 31st. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $363.33.

Taiwan Semiconductor Manufacturing Stock Performance

Shares of TSM opened at $305.48 on Thursday. The stock has a 50-day moving average of $259.95 and a two-hundred day moving average of $219.85. The stock has a market cap of $1.58 trillion, a P/E ratio of 34.83, a P/E/G ratio of 1.41 and a beta of 1.28. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.15 and a current ratio of 2.37. Taiwan Semiconductor Manufacturing has a one year low of $134.25 and a one year high of $307.30.

Taiwan Semiconductor Manufacturing (NYSE:TSM - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The semiconductor company reported $2.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.13 by $0.34. Taiwan Semiconductor Manufacturing had a net margin of 42.91% and a return on equity of 33.37%. The firm had revenue of $30.07 billion for the quarter, compared to the consensus estimate of $28.50 billion. During the same period in the prior year, the firm posted $1.48 earnings per share. The firm's quarterly revenue was up 44.4% compared to the same quarter last year. As a group, research analysts predict that Taiwan Semiconductor Manufacturing will post 9.2 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Heartwood Wealth Advisors LLC purchased a new position in Taiwan Semiconductor Manufacturing in the third quarter valued at approximately $32,000. Resources Management Corp CT ADV bought a new stake in shares of Taiwan Semiconductor Manufacturing in the second quarter worth $32,000. Mid American Wealth Advisory Group Inc. bought a new stake in shares of Taiwan Semiconductor Manufacturing in the second quarter worth $33,000. Navigoe LLC bought a new stake in shares of Taiwan Semiconductor Manufacturing in the third quarter worth $42,000. Finally, First Command Advisory Services Inc. increased its stake in shares of Taiwan Semiconductor Manufacturing by 174.1% in the second quarter. First Command Advisory Services Inc. now owns 159 shares of the semiconductor company's stock worth $36,000 after buying an additional 101 shares during the last quarter. 16.51% of the stock is currently owned by hedge funds and other institutional investors.

About Taiwan Semiconductor Manufacturing

Taiwan Semiconductor Manufacturing Company Limited, together with its subsidiaries, manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan, China, Europe, the Middle East, Africa, Japan, the United States, and internationally. It provides a range of wafer fabrication processes, including processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others.

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