Citigroup raised its price target on TSMC to NT$3,800 from NT$2,875. The bank
says TSMC, due to report Q2 results in mid‑July, may further lift 2026 revenue
guidance on sustained demand for leading‑edge chips and improved long‑term
visibility. Citigroup highlights TSMC's scale advantage as a key differentiator
supporting wafer pricing, customer stickiness and sustainable gross margins amid
intensifying foundry competition. The bank adds TSMC remains a primary
beneficiary of ongoing AI semiconductor demand regardless of client mix.
