Bernstein raised the firm’s price target on TSMC (TSM) to $150 from $125 and keeps an Outperform rating on the shares. The firm expects gross margin to beat. Bernstein also notes that Intel (INTC) outsourcing is driving TSMC to grow rapidly this and next year. However, Intel plans to moderate the outsourcing and move some production back in 2026, probably due to unrealistic expectations on its execution and organizational inertia. AMD (AMD) + TSMC gaining share will absorb some impact but not all in the near term, Bernstein argues. Its 2026 EPS is inline on higher margins.
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