Bernstein Reiterates Outperform on TSM as Revenue Tracks Ahead of Guidance

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the AI Stocks Analysts Are Watching Closely. On December 10, Bernstein SocGen Group reiterated its “Outperform” rating on the stock with a $330.00 price target. The firm is positive on Taiwan Semi, with analyst noting 4Q25 revenue tracking ahead of guidance and consensus.

Bernstein’s analysis reveals that 4Q25 sales are tracking ahead of consensus and guidance. The company’s revenue for November came in at NT$343.61 billion ($11 billion), declining 6.5% from October’s NT$367.47 billion but up 24.5% year-over-year.

The combined October and November revenue totaled NT$711 billion, accounting for 71% of the company’s fourth-quarter 2025 guidance mid-point in New Taiwan dollars. This positions it in the upper end of the historical range of 65-72%.

The firm further noted that if December follows seasonal patterns, the company’s 4Q25 revenue would be 3–4% above the guidance mid-point and consensus. Meanwhile, actual foreign exchange rates has provided a 1% tailwind, analysts said.

“Actual FX likely presented 1% tailwind, but is not enough to fully explain the beat.”

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) manufactures and sells advanced chips used in artificial intelligence applications.

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