Research Alert: CFRA Keeps Buy Opinion On Adss Of Taiwan Semiconductor Manufacturing Company
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price to USD574 (from USD413), by rolling forward to 24x our 2027 P/E, 1.5 standard deviations above the 10-year historical mean of 18.3x. The higher multiple reflects stronger earnings visibility, sustained AI-related demand, and continued margin resilience supported by advanced nodes and favorable mix. We maintain our 2026 revenue forecast at TWD5T (+32% Y/Y) and 2027 forecast at TWD6T (+25% Y/Y), supported by continued strength in HPC and stable utilization at leading-edge technologies. We also maintain our 2026 EPS forecast at TWD100.79 (+54% Y/Y) and 2027 EPS forecast at TWD151.19 (+50% Y/Y), reflecting sustained margin strength, favorable product mix, and continued contribution from higher-margin advanced nodes. Demand for leading-edge nodes and advanced packaging continues to exceed available capacity, supporting utilization and earnings visibility. Continued expansion in AI-related applications and advanced technologies should support growth and profitability.