大行評級|摩根大通:下調台積電台股目標價至1300元新台幣 下調盈利預測
摩根大通發表研報,預測受到N4/N5和N3工藝強勁需求、部分舊制程急單以及先進封裝業務持續增長的推動下,台積電今年第二季收入可按季增長5%至8%,但在關税和全球經濟放緩影響下,台積電管理層可能會將2025財年的收入增長指引從約25%下調至20%的中低區間。目前摩通預測按美元計價其全年收入將增長23%。考慮到需求增長疲軟,摩通將台積電2025至2027財年每股盈利預測下調4%、12%及4%,目標價從1500元新台幣下調至1300元新台幣,評級“增持”。摩通又指,從過去的下行週期來看,台積電股價已經反映了大部分負面因素,若不再出現大幅影響每股盈利的情況,預期股價短期內可能反彈20%至25%。
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