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Before TSMC announced its second-quarter results, Goldman Sachs raised its 12-month NT dollar target price from NT$2,750 to NT$3,000 and its ADR target price from US$550 to US$600, representing a 40% increase from the current share price. It also reiterated a 'Buy' rating and maintained a price-to-earnings (PE) ratio of 22 times the estimated EPS for 2027. Goldman Sachs pointed out that AI and high-performance computing demand are the primary drivers of TSMC's multi-year structural growth, with this trend expected to strengthen further by 2027. As demand for advanced process nodes and advanced packaging continues to far exceed supply, Goldman Sachs anticipates that TSMC will accelerate capacity expansion and capital expenditures, driving its gross margin to higher levels in 2027 and beyond through increased productivity and strategic pricing.
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