Bernstein raised the firm’s price target on TSMC (TSM) to $125 from $113 and keeps an Outperform rating on the shares. The firm is also naming the stock its Best Idea for 2024. Multiple 3rd-party data all indicated that Apple’s (AAPL) iPhone is losing shares to Huawei, and the potential order cuts at TSMC may make Q1, but the quarter will still benefit from broad-based inventory restocking, especially from Android, and drive TSMC’s revenue to resume growth, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AAPL:
- Apple Stock: Singles Day iPhone Concerns Overblown, Says Top Analyst
- Apple (NASDAQ:AAPL) and Goldman Sachs Sever Credit Card Partnership
- Apple to exit credit card partnership with Goldman Sachs, WSJ reports
- Notable open interest changes for November 28th
- Wearables to drive Micro LED market growth, DigiTimes reports