Is Taiwan Semiconductor Manufacturing Co. (TSM) A Smart Long-Term Buy?

 

Wedgewood Partners, an investment management firm, published its second quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly portfolio return of 11.8% was recorded by the fund for the first half of 2021, outperforming the S&P 500 that delivered an 8.6% return for the same period, but slightly below the 11.9% gain of Russell 1000 Growth Index. You can view the fund’s top 5 holdings to have an idea about their top bets for 2021.

 

In the Q2 2021 investor letter of Wedgewood Partners, the fund mentioned Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM), and discussed its stance on the firm. Taiwan Semiconductor Manufacturing Company Limited is a Hsinchu, Taiwan-based semiconductor manufacturing company, that currently has a $600.2 billion market capitalization. TSM delivered a 6.14% return since the beginning of the year, extending its 12-month revenues to 74.31%. The stock closed at $115.74 per share on July 16, 2021.

 

 

Here is what Wedgewood Partners has to say about Taiwan Semiconductor Manufacturing Company Limited in its Q2 2021 investor letter:

 

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Notable Analyst Upgrades and Downgrades for Week of November 12, 2018

Upgrades:

Starbucks (NASDAQ:SBUX) was upgraded by research analysts at Argus from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage currently has a $79.00 target price on the coffee company’s stock. Argus’ target price would suggest a potential upside of 17.19% from the company’s current price. Several other research analysts have also issued reports on the company. UBS Group lowered Starbucks from a “hold” rating to a “sell” rating in a research note on Monday, November 5th. DZ Bank lowered Starbucks to a “sell” rating in a research note on Monday, November 5th. Mizuho upgraded Starbucks from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $56.00 to $75.00 in a research note on Monday, November 5th. Barclays increased their price objective on Starbucks from $56.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Friday, November 2nd. Finally, BMO Capital Markets increased their price objective on Starbucks from $51.00 to $58.00 and gave the stock a “market perform” rating in a research note on Friday, November 2nd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Starbucks currently has a consensus rating of “Buy” and an average price target of $64.66. Read more …

Realty Income (NYSE:O) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage presently has a $72.00 price objective on the real estate investment trust’s stock. Bank of America’s price objective indicates a potential upside of 14.87% from the company’s previous close. A number of other analysts also recently issued reports on the stock. Royal Bank of Canada raised their price objective on shares of Realty Income from $57.00 to $60.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 6th. Zacks Investment Research downgraded shares of Realty Income from a “buy” rating to a “hold” rating in a report on Wednesday, October 24th. ValuEngine upgraded shares of Realty Income from a “hold” rating to a “buy” rating in a report on Tuesday, October 23rd. Morgan Stanley downgraded shares of Realty Income from an “overweight” rating to an “equal” rating and set a $31.00 price objective for the company. in a report on Monday, October 1st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Realty Income from $57.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, September 17th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Realty Income has an average rating of “Hold” and a consensus target price of $55.99. Read more …

QUALCOMM (NASDAQ:QCOM) was upgraded by investment analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Thursday, The Fly reports. Several other equities analysts also recently commented on the company. BidaskClub downgraded QUALCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday. Zacks Investment Research raised QUALCOMM from a “hold” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a research report on Wednesday. Deutsche Bank decreased their target price on QUALCOMM to $65.00 and set a “hold” rating on the stock in a research report on Thursday, November 8th. Stifel Nicolaus decreased their target price on QUALCOMM from $62.00 to $58.00 and set a “hold” rating on the stock in a research report on Thursday, November 8th. Finally, Canaccord Genuity decreased their target price on QUALCOMM from $86.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, November 8th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $70.44. Read more …

Novartis (NYSE:NVS) was upgraded by investment analysts at Goldman Sachs Group from a “neutral” rating to a “conviction-buy” rating in a research report issued to clients and investors on Friday, The Fly reports. Other analysts have also recently issued reports about the company. BNP Paribas upgraded Novartis from an “underperform” rating to a “neutral” rating in a report on Tuesday, September 11th. Barclays upgraded Novartis from an “underweight” rating to an “equal weight” rating in a report on Thursday, July 19th. Wolfe Research began coverage on Novartis in a report on Tuesday, October 23rd. They issued an “outperform” rating for the company. Exane BNP Paribas upgraded Novartis from an “underperform” rating to a “neutral” rating in a report on Tuesday, September 11th. Finally, Zacks Investment Research upgraded Novartis from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a report on Tuesday, September 18th. Eleven research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $84.86. Read more …