TSMC’s Tariff Risks Leave Analysts Cautious Ahead of Earnings

Analysts’ optimism over Taiwan Semiconductor Manufacturing Co. is waning ahead of the company’s quarterly results on concerns US tariffs will hurt demand for gadgets and the build out of artificial intelligence infrastructure.

Some 93% of analysts who track TSMC recommend buying stock, near the lowest proportion in two years, according to data compiled by Bloomberg. That’s down from close to 98% before President Donald Trump’s “Liberation Day” rocked global markets. Their average price target has dropped some 9% this month to around NT$1,312, compared with a close of NT$855 Wednesday.

While TSMC’s sales rose more than expected in the ...