UPDATE: Credit Suisse Upgrades Taiwan Semiconductor Manufacturing to Outperform

Credit Suisse raised its rating on Taiwan Semiconductor Manufacturing

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.