UPDATE: Credit Suisse Upgrades Taiwan Semiconductor Manufacturing to Outperform
Credit Suisse raised its rating on Taiwan Semiconductor Manufacturing (NYSE: TSM) from Neutral to Outperform.
Credit Suisse said, "Momentum continues in 2013. We believe 2013 is promising due to (1) earlier pull-in of high-end processors, (2) second wave of 28nm multi-core for China smartphones/tablets, and (3) and aggressive cost reductions to sustain margins. … We see urgency to ramp a 28nm project which we believe is likely Apple from 2Q13 and pull in Apple to 5% of 2013 sales (20% allocation) and 12% of 2014 sales (35% allocation), with upside if iPhone shifts to TSMC."
Taiwan Semiconductor Manufacturing closed at $17.05 on Thursday.
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Tags: Credit Suisse