大行評級|美銀:上調台積電目標價至260美元 看好其增長前景
美銀髮布研報,將台積電美股的目標價由220美元上調至260美元,台股目標價由1250新台幣上調至1280新台幣,對應2026年20倍市盈率,重申“買入”評級。該行認為,即使新台幣的快速升值短期內會對毛利率和非經營收入構成壓力,但這不會改變台積電的長期結構性利好。
美銀指,對於台積電第二季業績,預期收入或達到301億美元,超越業績指引,毛利率或錄57.1%,處指引的下限。該行認為,台積電第二季盈利的重點關注領域包括:1)人工智能需求和先進封裝前景;2)美國232條款貿易行動和外匯波動背景下的2026年初步定價策略和需求前景;3)2納米制程的採用和擴展計劃及4)“大而美法案”下在美國的投資計劃。
美銀表示,將台積電今年至2027年的盈利預測下調3.2%至5.3%,以反映匯兑問題為毛利率帶來的壓力。美銀強調,仍然看好台積電的增長前景,這得益於先進製程節點的平均售價上升,以及更好的產品組合。該行預期,AMD、高通和聯發科將在2026年實現顯著增長,台積電的先進製程價格也預計增加7%至9%,抵銷外匯相關的成本壓力,並有助於毛利率復甦,而2027年的平均售價也或者會持續上升。
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