Bernstein raised the firm’s price target on TSMC (TSM) to $125 from $113 and keeps an Outperform rating on the shares. The firm is also naming the stock its Best Idea for 2024. Multiple 3rd-party data all indicated that Apple’s (AAPL) iPhone is losing shares to Huawei, and the potential order cuts at TSMC may make Q1, but the quarter will still benefit from broad-based inventory restocking, especially from Android, and drive TSMC’s revenue to resume growth, the analyst tells investors in a research note.
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