Semiconductor major Taiwan Semiconductor Manufacturing (NASDAQ:TSM) is mulling setting up a chip unit in Dresden, Germany, according to the Financial Times.
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The company is boosting its presence across the globe and has a unit under construction in Japan already. Further, TSM is also adding more capacity at its Arizona unit. Its European foray though is still in the early stages with planned discussions with the government in Germany in the pipeline.
Separately, EV maker Tesla (NASDAQ:TSLA) has picked TSM for the production of a line of chips.
Analysts currently have a Strong Buy consensus rating on TSM alongside an average price target of $104. This indicates a potential upside of 38.1% for the stock.
Shares of the company have dropped nearly 38% over the past year. Tesla too, has seen its share price drop by about 63% over the past year and the company’s market capitalization has now dropped below $400 billion. This fall may have sent a number of Tesla bears dancing all the way to the bank.
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