Taiwan Semiconductor (TSM) Stock Gets $590 Price Target From BofA as US Fabs Gain Ground

TLDR

• Bank of America says TSMC’s US fab ramp is “progressing well,” with Arizona fab sales up 17% quarter-over-quarter and 145% year-over-year.
• BofA raised its price target on TSM to $590 and maintained a Buy rating.
• TSMC’s board approved $29B in US capital appropriations, up roughly 99% year-over-year.
• TSM opened at $430.33, near its 12-month high of $479.00, with an average analyst target of $524.25.
• Ballentine Partners increased its TSMC stake by 6% in Q2, bringing total holdings to 45,094 shares worth about $21.5 million.

TSM opened at $430.33 on Tuesday, close to its 12-month high of $479.00, as Bank of America doubled down on its bullish view of the chipmaker.

Taiwan Semiconductor Manufacturing Company Limited, TSM

BofA analyst Haas Liu said in a note to clients that TSMC’s US fab operations are “progressing well.” Arizona fab sales came in at NT$45 billion in Q2, up 17% quarter-over-quarter and 145% year-over-year, now accounting for 4% of TSMC’s total revenue.

Liu also estimated that TSMC’s net margins, excluding grants, held steady at 38% in Q2 2026 for its Arizona fabs. That compares to a loss position of around -90% in 2025, showing real progress on the ground.

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