Goldman Sachs keeps TSMC at Buy and raises target to NT$3,300 from NT$3,100

Goldman Sachs kept its Buy rating on TSMC and raised its Taiwan-listed target to NT$3,300 from NT$3,100 on October 6. The bank says AI demand is spreading beyond GPUs into networking chips and server CPUs, with agentic AI driving CPU demand. It also projects 2026 US-dollar revenue growth of 42.0% and 2027 growth of 36.9%, and raised its capex estimates to US$85 billion for 2027 and US$98 billion for 2028.

• Rating Buy (maintained); target NT$3,100 raised to NT$3,300
• Revenue growth forecast 42.0% in 2026 and 36.9% in 2027 (US$)
• Gross margin forecast 67.2% in 2026 and 67.5% in 2027
• Capex forecast raised to US$85 billion for 2027 (from US$78 billion) and US$98 billion for 2028 (from US$82 billion)