Susquehanna analyst Mehdi Hosseini lowered the firm’s price target on TSMC to $130 from $135 and keeps a Positive rating on the shares. The firm previewed its Q3 earnings report due out next week and believes while inventory overhang for broader Semis is expected to sustain into 1H24, TSMC is expected to weather the storm given all the “new” GPU/CPUs products ramping with better than feared gross margins. Susquehanna expects the company to guide to 2023revenue of down 8-10% year-over-year versus prior down 10%, driven by recent wafer shipment upsides from AI/Android SP while wafer ASP’s also tracking better than expected.
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