TSMC price target raised to $360 from $270 at Needham

Needham raised the firm’s price target on TSMC (TSM) to $360 from $270 and keeps a Buy rating on the shares. The company reported strong Q3 revenue that came in above the high end of the guidance range and also delivered strong gross margins at 59.5% despite the fear of FX-driven erosion a quarter ago, the analyst tells investors in a research note. The AI outlook is incrementally stronger, even if China AI market remains closed, while TSMC’s Arizona build out is accelerating, the firm added.