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<Research>M Stanley Expects TSMC to Maintain 2025 Rev. Guidance, Cuts TP to TWD1,288
Morgan Stanley issued a research report expecting TSMC (TSM.US)to maintain its 2025 revenue guidance, but full-year foundry demand will be 2% less than supply given the uncertainty...
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<Research>M Stanley Expects TSMC to Maintain 2025 Rev. Guidance, Cuts TP to TWD1,288
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Morgan Stanley issued a research report expecting TSMC (TSM.US)      to maintain its 2025 revenue guidance, but full-year foundry demand will be 2% less than supply given the uncertainty caused by the US tariff policy, which is expected to lead to weak demand for consumer technology products.

Morgan Stanley estimated TSMC's 2Q25 revenue to grow by about 3-5% QoQ, and its gross profit margin may decline slightly to 58%. Therefore, the broker cut its target price to TWD1,288, and lowered its 2025/ 2026 EPS forecasts to TWD58.71/ TWD72.86.

Related NewsGDP Growth Rate QoQ for Q1 in China is 1.2%, lower than the previous value of 1.6%. The forecast was 1.4%.
The broker also anticipated TSMC's share price to rebound quickly once the impact of tariffs has been factored into management's operating guidelines, coupled with the progress of the joint venture with Intel (INTC.US)      and the sustainability of AI demand.

In view of the lower market consensus, investors are advised to accumulate on dips ahead of the results announcement, with rating kept at Overweight.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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