TSMC’s Tariff Risks Leave Analysts Cautious Ahead of Earnings
The Taiwanese giant stock is now down 20% for 2025.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Analysts’ optimism over Taiwan Semiconductor Manufacturing Co. is waning ahead of the company’s quarterly results on concerns US tariffs will hurt demand for gadgets and the build out of artificial intelligence infrastructure.
Some 93% of analysts who track TSMC recommend buying stock, near the lowest proportion in two years, according to data compiled by Bloomberg. That’s down from close to 98% before President Donald Trump’s “Liberation Day” rocked global markets. Their average price target has dropped some 9% this month to around NT$1,312, compared with a close of NT$855 Wednesday.