The stock is trading at 16 times projected earnings estimates for 2025, a valuation the analysts say is “attractive again”.
The chipmaker tumbled 9.8% in Taiwan trading Monday, an unprecedented sell-off that also dragged on the country’s benchmark Taiex stock index, which tumbled the most in 57 years.
TSMC’s slump could be short lived. Its US traded American depositary receipts, which started the session down 11%, rallied to close just 1.3% lower by the close, and gained as much as 1.9% in extended trading.
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Morgan Stanley’s price target of NT$1,220 ($49.37) is roughly 50% above Monday’s close of NT$815.
Chart: Bloomberg
