The U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. Ltd. TSM, +12.65% 2330, +2.47% shot up 10.5% toward another record high in morning trading Monday, to extend gains in the wake of Intel Corp.'s INTC, -2.01% announcement that it may use "somebody else's foundry" to make its 7-nanometer chips. Taiwan Semi's stock ran up 9.7% on Friday to close at a record $73.90. J.P. Morgan analyst Gokul Hariharan reiterated his overweight rating while raising his price target by Taiwan-listed shares by 33%, saying he expects the company will start seeing a price-to-earnings multiple expansion after Intel's announcement. Hariharan said Intel's announcement came 12 months ahead of his expectation. The U.S.-listed stock has now soared 40.6% year to date, while the PHLX Semiconductor Index SOX, +3.23% has advanced 13.1% and the S&P 500 SPX, +0.74% has edged up 0.1%.
The Link LonkJuly 27, 2020 at 09:58PM
https://ift.tt/3g7Y8Rw
Taiwan Semi's stock soars toward another record in wake of Intel's outsourcing announcement - MarketWatch
https://ift.tt/2YXg8Ic
Intel
No comments:
Post a Comment