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Taiwan Semiconductor Manufacturing Co (NYSE:TSM) stock traded lower on Monday, following the broader semiconductor industry selloff.
Artificial intelligence stocks, led by crucial Big Tech supplier Nvidia Corp (NASDAQ:NVDA), which have driven much of 2024’s market gains, fell on Monday as fears of a U.S. recession triggered a global selloff on Wall Street, CNBC reports.
The semiconductor selloff followed Friday’s disappointing July jobs report, which heightened recession worries and concerns that the Federal Reserve is slow to cut interest rates to stimulate the economy.
The semiconductor selloff was amplified by reports indicating Nvidia’s AI chip production issues.
Taiex gauge plummeted by a record 8.4% Monday, mainly reflecting the selloff of AI chipmaker Taiwan Semiconductor, whose shares fell by 9.8% in a single day, Bloomberg reports.
A Bloomberg report last week indicated that Taiwan Semiconductor is enjoying a boost in retail ownership in Taiwan despite foreign investors’ retreat.
According to Bloomberg, Taiwan Semiconductor contributed 8% of Taiwan’s GDP in 2022.
Taiwan stock gained over 53% in the last 12 months despite losing 20% in the last 30 days in the U.S.
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Taiwan Semiconductor have an average 1-year price target of $201.14, representing an expected upside of 36.31%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Taiwan Semiconductor, while 7 analysts have bullish ratings. The street high price target from Susquehanna is $250.0, while the street low from Needham is $168.0.
Price Action: TSM shares traded lower by 2.09% at $146.70 at the last check on Monday.
Photo by Jack Hong via Shutterstock
