TAIPEI (Taiwan News) — Leading foreign analysts remain positive on TSMC’s US-listed shares, citing robust demand and technological leadership, according to CTEE.

A Bloomberg compilation of brokerage forecasts shows most foreign investors maintain “strong buy” ratings for the chipmaker's US depository receipts. The 12-month average target price is NT$13,383 (US$424.39) per ADR, compared with a closing price of NT$11,398.6 on Friday, according to Yahoo Finance.

Each ADR represents five TSMC shares on the Taiwan Stock Exchange. The target implies a local share price of around NT$2,650, compared with NT$1,915 at the close on Feb. 11 before the Lunar New Year holiday.

TSMC ADRs hit record highs during the 11-day Lunar New Year break, before a modest pullback. However, Wall Street remains confident in the stock’s long-term momentum.

Analyst Huang Ching-che (黃靖哲) noted many brokers have set ADR targets between NT$13,407 and NT$14,229, roughly NT$2,681–2,860 per local share. Domestic analysts say this optimism could support the Taiwan stock market when it reopens Monday. 

Goldman Sachs has the highest target at NT$16,443, citing strong AI demand, ongoing supply-demand imbalances, and limited advanced manufacturing capacity expected to persist until 2027. Other top targets, including David Adams Davidson, Bank of Communications International Securities, and Barclays, are around NT$14,239.

Senior analyst Pai I-hung (白易弘) said reaching NT$16,443 by year-end is unlikely to happen immediately, but the potential remains significant as TSMC continues to lead in AI chip development. He noted that competitors such as Samsung and Intel lag three to four years, particularly in advanced packaging technology, where alternative options are limited.

Looking ahead to Monday’s market reopening, Pai said TSMC shares could open higher. Over the longer term, the stock could establish a base around NT$2,000, potentially helping push the Taiwan stock index above 35,000 points.