TSMC price target raised to $160 from $130 at Argus

Argus raised the firm’s price target on TSMC to $160 from $130 and keeps a Buy rating on the shares. The analyst cites the company’s Q1 earnings and revenue beat, stating that while the stock sold off on cautious company guidance for industry demand growth in 2024, the firm still expects solid company growth as inflation recedes and electronic device demand picks up. Throughout a down 2023, demand for the company’s 5nm products remained strong, and TSMC has successfully ramped 3 nm node products, the firm added.