Shares of TSMC (NYSE:TSM) jumped in today’s trading after top-rated analyst Joseph Moore at Morgan Stanley raised the price target for one of TSMC’s customers, Nvidia (NVDA). TSMC manufactures chips for customers like Nvidia and Apple (AAPL). Moore raised the price target on Nvidia to $750 from $603 as he continues to see very strong demand for its AI chips over the near term. The analyst’s price target implies an upside potential of 1.5% at current levels.
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Nvidia is expected to benefit from the AI boom as its Graphic Processing Units (GPUs) are utilized for training ChatGPT. Moore highlighted the potential of Nvidia’s B100 GPU over the near term. This could benefit TSMC as it plans for more advanced chip production.
What Is a Good Price to Buy TSM?
Analysts remain bullish about TSM stock with a Strong Buy consensus rating based on five Buys. TSM stock has soared by more than 40% over the past year, and the average TSM price target of $140.60 implies an upside potential of 8.8% at current levels.
