Bloomberg reported that Wall Street banks warned that they would issue conservative views on TSMC's revenue outlook due to weak demand.
(Reuters)
[Financial Channel/Comprehensive Report] Bloomberg reported on Wednesday (4th) that Wall Street banks turned bearish on TSMC and warned that due to weak demand, they would issue a conservative view on TSMC's revenue outlook.
TSMC is scheduled to announce its earnings for the previous quarter on January 12, when it will also share its outlook for this year.
Goldman Sachs Group and UBS Group both expect TSMC's sales to be flat in 2023, and UBS lowered its target stock price by 7.4%.
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UBS analysts wrote in a note on Tuesday: TSMC is not immune to inventory digestion and end-demand revisions in 2023.
We lower our 2023 revenue forecast from 3% growth to parity with the dollar due to weaker consumer demand.
TSMC, seen as a thermometer of global demand for electronics, has fallen 34 percent from its peak in January last year as big items such as smartphones, laptops and servers slumped after central banks raised interest rates to combat rising inflation. Spending on goods has plummeted while much of the world grapples with a potential recession.
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