Taiwan semiconductor manufacturing (NYSE:TSM) shares traded in the green on Monday, posting six days of losses. The stock is up 1.84% at $130.05.
TSM outperformed the broader S&P 500 market, which rose 4.14%, compared to the company’s gain of 21.15%.
Looking at Seeking Alpha’s Quant ratings, this chip company has a Strong Buy rating with a score of 4.89 out of 5.
When it comes to Wall Street analysis, 8 out of 15 analysts recommend a Strong Buy, 4 rate it a Buy, and 3 rate it a Hold.
Seeking Alpha analysts have a buy rating on the company.
TSM lowered its forecast for the overall semiconductor market in 2024, excluding memory, to increase by about 10% year-over-year, while the foundry sector’s growth is now expected to be in the mid-to-high range. .
“TSMC shares are down due to a downgrade in semiconductor growth, but the company maintains solid growth estimates and has limited competition in the HPC segment.” Stone Fox Capital said.