Citigroup analyst Laura Chen raised the price target for Taiwan Semiconductor Manufacturing Co. (TSMC) and initiated a 30-day upside catalyst watch. The move precedes the company's second-quarter earnings report scheduled for July 16.
Sustained demand for advanced artificial intelligence chips drives the bullish outlook. Citi expects TSMC to increase its 2026 revenue growth projections and long-term financial targets.
TSMC shares rose approximately 2.3% in Taipei trading following the update. This rally served as a primary driver for gains across the broader Taiwanese stock market.