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TSM

TSMC

$31.83

-0.45 (-1.39%)

16:48
04/13/17
04/13
16:48
04/13/17
16:48

TSMC: Q2 guidance reflects 'severe' inventory adjustment by customers

During the company's Q1 earnings conference call earlier Thursday, TSMC executives said, "We expect Q2 demand will be weaker than Q1 due to supply chain inventory management during Q2 and mobile product seasonality... Our Q2 revenue guidance reflects a quite severe inventory adjustment by our customers, particularly in smartphone and PC markets. However, the overall end-market smartphone demand appears stable in Q2. We estimate that fabless COI should approach seasonal level at the end of Q2, and demand for our products will be poised for a strong growth in Q3. Given the very strong demand in 2H last year, we maintain our 2H17 growth rate estimate of 5% year over year, and our full 2017 growth rate target remains to be 5%-10% in U.S. dollar, as we previously stated. On the forecast of overall semiconductor market growth rate, compared to three months ago, we raised it to 7% from 4% due to a stronger memory market. Semiconductor excluding memory market growth rate remains at 4% this year. We also revise foundry revenue growth to 5% from 7% due to this elevated inventory in the supply chain."

  • 13

    Apr

TSM TSMC
$31.83

-0.45 (-1.39%)

01/06/17
BERN
01/06/17
NO CHANGE
Target $32
BERN
Market Perform
TSMC Q1 revenue guidance may miss consensus, says Bernstein
Bernstein analyst Mark Li said TSMC is on track to meet or even exceed their guided range for Q4 sales, but he thinks TSMC's Q1 revenue guidance may come below consensus given lighter iPhone 7 demand and seasonality. 10nm will begin emerge as the main growth driver for TSMC this year, as Apple may accelerate the transition from iPhone 7 to the next iPhone, making the ramp possibly very steep, added Li, who predicts that 10nm's contribution will rise quickly from 1-2% of TSMC's overall revenue in Q1 to 20-25% in Q4 of FY17. Li keeps a Market Perform rating and $32 price target on TSMC shares.
02/01/17
02/01/17
NO CHANGE

Pacific Crest identifies chip names with positive read throughs from Apple
Pacific Crest says that the following semiconductor companies have "modest" positive read throughs from Apple's (AAPL) results: Analog Devices (ADI), Broadcom (AVGO), Cirrus Logic (CRUS), ON Semiconductor (ON), Qualcomm (QCOM), Qorvo (QRVO), Skyworks(SWKS), Synaptics (SYNA), TSMC (TSM) and Texas Instruments (TXN). The firm identifies Broadcom as its favorite name in the group and recommends buying the stock.
03/07/17
HSBC
03/07/17
UPGRADE
HSBC
Buy
TSMC upgraded to Buy from Hold at HSBC
HSBC upgraded TSMC to Buy based on relative valuation and expects for a strong 2H 2017 on 10nm and 16nm with 7nm shares gains likely in 2018. Analyst Steven Pelayo believes TSMC is reasserting its technology leadership and will benefit from high-performance computing on 16nm and a strong Apple cycle on 10nm, and expects market share gains at the 7nm node in 2018e.
03/07/17
03/07/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Hyatt (H) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Thomas Allen saying shares are trading in-line with his price target adn offer more attractive risk/reward. 2. Noble Corp. (NE) upgraded to Buy from Neutral at Seaport Global with analyst Mark Brown citing valuation and expectations for a pickup in drilling later in 2017. 3. Weatherford (WFT) upgraded to Overweight from Equalweight at Capital One with analyst Luke Lemoine saying the hiring of Mark McCollum, Halliburton's (HAL) CFO, adds legitimacy and credibility to Weatherford's status as a turnaround story. 4. Bill Barrett (BBG) upgraded to Buy from Hold at Canaccord with analyst Stephen Berman saying he sees strong 2018 growth, a solid liquidity position, and said shares are almost 50% from its 52-week high. 5. TSMC (TSM) upgraded to Buy from Hold at HSBC with analyst Steven Pelayo saying he believes TSMC is reasserting its technology leadership. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

TSLA

Tesla

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2.55 (0.82%)

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GT

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HMC

Honda

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0.02 (0.06%)

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PG

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BHGE

Baker Hughes

$30.91

0.76 (2.52%)

, GE

General Electric

$18.21

-0.04 (-0.22%)

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BHGE

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GE

General Electric

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  • 14

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CSCO

Cisco

$35.90

0.02 (0.06%)

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IBM

IBM

$148.97

-0.15 (-0.10%)

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  • 27

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GE

General Electric

$18.21

-0.04 (-0.22%)

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GE

General Electric

$18.21

-0.04 (-0.22%)

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TWX

Time Warner

$88.72

0.71 (0.81%)

, T

AT&T

$34.51

-0.01 (-0.03%)

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TWX

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T

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NYT

New York Times

$17.65

0.05 (0.28%)

TEX

Terex

$44.82

0.8 (1.82%)

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  • 28

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TPIC

TPI Composites

$19.06

-0.97 (-4.84%)

07:25
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  • 05

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SYNA

Synaptics

$38.21

0.57 (1.51%)

04:55
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  • 18

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

, BRCD

Brocade

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

BRCD

Brocade

IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

AVGO

Broadcom

$271.86

-0.25 (-0.09%)

TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

LMOS

Lumos Networks

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  • 28

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WGL

WGL Holdings

$84.32

-0.14 (-0.17%)

18:01
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WGL Holdings reports Q4 adjusted EPS (17c), consensus (19c) »

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TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

, LMOS

Lumos Networks

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LMOS

Lumos Networks

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  • 28

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IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

, MKSI

MKS Instruments

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-0.35 (-0.34%)

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IVR

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

, BRCD

Brocade

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MKS Instruments to replace Brocade in S&P 400 at open on 11/22 »

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MKSI

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$103.50

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AVGO

Broadcom

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  • 06

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UQM

UQM Technologies

$1.18

0.015 (1.29%)

17:24
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GS

Goldman Sachs

$238.02

-1.35 (-0.56%)

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Goldman Sachs has $510M lawsuit dismissed, Reuters reports »

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VICL

Vical

$1.94

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LGND

Ligand

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-1.4 (-0.99%)

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LGND

Ligand

$140.31

-1.4 (-0.99%)

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LGND

Ligand

$140.31

-1.4 (-0.99%)

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MBI

MBIA

$9.01

0.13 (1.46%)

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RBCN

Rubicon

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0.1218 (1.53%)

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