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In a recently issued research report, Morgan Stanley noted that TSMC addressed three key market concerns during its first-quarter earnings conference call, suggesting a potential re-rating of its share price. The bank has maintained its 'Overweight' rating for TSMC, with a target price of NT$1,288. During the call, TSMC's management clarified that there are no ongoing discussions with other companies regarding joint ventures or related matters, thereby alleviating market anxieties over potential collaboration plans. Furthermore, TSMC anticipates continued robust growth in AI semiconductor revenue, with second-quarter revenue guidance increasing by 13% quarter-on-quarter, significantly outpacing expectations. Additionally, tariffs have yet to significantly impact customer orders. TSMC's first-quarter gross margin stood at 58.8%, surpassing market forecasts.
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