Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $33.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 10.37% from the company’s previous close.

According to Zacks, “Taiwan Semiconductor Manufacturer Co is the world’s largest dedicated integrated circuit foundry. As a foundry, the Company manufactures ICs for its customers based on their proprietary IC designs using its advanced production processes. TSMC’s goal is to establish itself as one of the world’s leading semiconductor companies by building upon the strengths that have made it the leading IC foundry in the world. “

A number of other brokerages have also weighed in on TSM. Bank of America Corp. reiterated a “buy” rating on shares of Taiwan Semiconductor Manufacturing in a report on Monday. Nomura lowered shares of Taiwan Semiconductor Manufacturing from a “buy” rating to a “neutral” rating in a report on Tuesday, July 12th. JPMorgan Chase & Co. lowered shares of Taiwan Semiconductor Manufacturing from an “overweight” rating to a “neutral” rating in a report on Tuesday, July 12th. Daiwa Capital Markets upgraded shares of Taiwan Semiconductor Manufacturing from a “neutral” rating to a “buy” rating in a report on Friday, June 3rd. Finally, Goldman Sachs Group Inc. lowered shares of Taiwan Semiconductor Manufacturing from a “buy” rating to a “neutral” rating in a report on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $25.33.

Analyst Recommendations for Taiwan Semiconductor Manufacturing (NYSE:TSM)

Taiwan Semiconductor Manufacturing (NYSE:TSM) opened at 29.90 on Wednesday. The stock has a market cap of $155.06 billion, a price-to-earnings ratio of 17.49 and a beta of 0.94. The company has a 50-day moving average price of $28.95 and a 200 day moving average price of $26.40. Taiwan Semiconductor Manufacturing has a 12-month low of $19.49 and a 12-month high of $30.55.

Taiwan Semiconductor Manufacturing (NYSE:TSM) last announced its quarterly earnings results on Thursday, July 14th. The company reported $0.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $4.54 by $4.11. The company earned $6.84 billion during the quarter. Taiwan Semiconductor Manufacturing had a net margin of 33.94% and a return on equity of 23.38%. The firm’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.08 EPS. On average, equities research analysts predict that Taiwan Semiconductor Manufacturing will post $1.89 EPS for the current year.

A number of institutional investors have recently modified their holdings of TSM. PineBridge Investments L.P. raised its position in shares of Taiwan Semiconductor Manufacturing by 7.3% in the second quarter. PineBridge Investments L.P. now owns 4,036 shares of the company’s stock worth $106,000 after buying an additional 275 shares in the last quarter. Carnick & Kubik LLC purchased a new position in shares of Taiwan Semiconductor Manufacturing during the first quarter worth approximately $107,000. Howe & Rusling Inc. raised its position in shares of Taiwan Semiconductor Manufacturing by 11.1% in the second quarter. Howe & Rusling Inc. now owns 4,595 shares of the company’s stock worth $121,000 after buying an additional 458 shares in the last quarter. Glenmede Trust Co. NA raised its position in shares of Taiwan Semiconductor Manufacturing by 117.5% in the second quarter. Glenmede Trust Co. NA now owns 4,800 shares of the company’s stock worth $125,000 after buying an additional 2,593 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in shares of Taiwan Semiconductor Manufacturing by 94.0% in the second quarter. O Shaughnessy Asset Management LLC now owns 5,217 shares of the company’s stock worth $137,000 after buying an additional 2,528 shares in the last quarter. Hedge funds and other institutional investors own 19.51% of the company’s stock.

About Taiwan Semiconductor Manufacturing

Taiwan Semiconductor Manufacturing Co, Ltd. (TSMC) is a Taiwan-based company principally engaged in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits (ICs) and other semiconductor devices and the manufacturing of masks. The Company also offers a range of wafer fabrication processes, including processes to manufacture CMOS (complementary metal oxide silicon) logic, mixed-signal, radio frequency (RF), embedded memory, BiCMOS (bipolar complementary metal oxide silicon) mixed-signal and other semiconductors.

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