$Taiwan Semiconductor Manufacturing(TSM)$ BofA raised its price target on TSMC to $590 from $490 and maintains a Buy rating. The analyst notes that amid growing agentic AI demand, they expect much stronger CPU demand, which will consume more capacity across advanced front-end manufacturing and back-end packaging. Reflecting a stronger outlook for CPU and AI GPU/ASIC demand, they've lifted TSMC sales expectations for 2026 and 2027 to 40% and 39% year-over-year growth, respectively.
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