Taiwan Semiconductor Manufacturing Co. is being touted as a “top pick” by Morgan Stanley after its shares plunged by a record Monday amid the global stock rout.
“We like TSMC’s quality and defensive nature during an elongated semi downcycle,” Morgan Stanley analysts including Charlie Chan wrote in a note published Monday. The stock is trading at 16 times projected earnings estimates for 2025, a valuation the analysts say is “attractive again.”
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