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<Research>BOCI Lifts TSMC's TP to USD515; Rev. Growth Guidance Still Cautious
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TSMC (TSM.US)'s 1Q26 revenue beat guidance, making it possible for margins to reach the upper end of the forecast range, according to a report from BOCI.

It is expected that TSMC's 2Q26 revenue will grow by a high single-digit percentage QoQ. Coupled with a sharp increase in xPU projects in 2H26 and the introduction of the N2 process, the company's current guidance of around 30% revenue growth for the year appears conservative.

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BOCI has kept a Buy rating on TSMC and increased its target price to USD515.

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