Taiwan Semiconductor Manufacturing (NYSE: TSM) recently received another price target hike from Bernstein Research. The investment firm maintained an "outperform" rating and set a new price target of $150 from $125 previously. With TSMC's stock price at $139.44, that new target represents a 7.6% jump over the next 12 to 18 months.

One reason for the upgrade comes from the belief that Intel outsourcing some of its production to TSMC, as it is better known, is helping the latter grow stronger over the next couple of years. While Intel may move some production in-house in a few years, the near-term impact is a plus for TSMC.

2024 is a year of recovery for the company, as its high-performance computing (HPC) chips benefit from the boom in artificial intelligence (AI) applications. This is proving a boon and helping replace slowing smartphone demand. A lot of news in recent months, including TSMC's monthly sales data and industry data, points to a strong year of growth for the company.

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Source Fool.com