＜Research＞M Stanley Lifts TSMC (TSM.US) TP to NT$1,180, Rates Overweight

　　Morgan Stanley highlighted in a report that TSMC (TSM.US) will disclose its 2QFY24 results on 18 July. The broker expected the company to raise its 3Q revenue growth guidance to 13% QoQ, with gross margins ranging near 2Q levels (median 52%).

　　With solid artificial intelligence (AI) demand, the broker believed TSMC would raise its full-year revenue growth guidance to mid-20% YoY, versus the low-to-mid 20% the company originally guided for. On full-year capex, the broker forecasted TSMC's full-year guidance to be updated to US$30 billion-US$32 billion, compared to the original guidance of US$28 billion-US$32 billion, assuming TSMC secured discounts on equipment purchases.

　　The broker estimated TSMC's 2Q results and guidance will be in line with market expectations, with more positive pricing for its wafers and stronger demand for its SoIC 3D, which Apple (AAPL.US) will adopt in 2H25 and Nvidia (NVDA.US) will adopt in 2028.

　　Morgan Stanley therefore raised its target price on TSMC's Taiwan shares from NT$1,080 to NT$1,180, with an Overweight rating.

　　TSMC's share price reached a new high this morning, and was last quoted at NT$1,035, lifting 2.99%.

　　(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)