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大行評級丨摩通:下調台積電目標價至1275新台幣 予“增持”評級
摩根大通發報吿指,市場在台積電(TSM.US)公佈首季業績前,最普遍的擔憂是台積電會否參與英特爾(INTC.US)的合資企業或拯救計劃,因這可能對長期回報和市場地位造成不利影響。該行認為,台積電在美額外投資千億美元明確顯示其發展方向,在財報會議中澄清任何與英特爾合資的潛在計劃是另一個強烈聲明,應能增強投資者信心。該行料台積電2028至29年成為美國最大的先進製程產能提供者,並從英特爾產品集團獲得大量外判業務,來自英特爾晶圓代工的競爭威脅可能仍然不大。這應為該股未來數月內重新實現相對優異的表現奠定基礎。該行又認為,台積電股價從高位下跌25%,已一定程度反映温和衰退。該行把台積電目標價由1300新台幣下調至1275新台幣。基於台積電對英特爾合資計劃的強烈訊息,該股票短期應出現一波反彈,特別是如果半導體關税最壞情況未實現。該行予台積電“增持”評級。
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