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Upgrade Alert for Taiwan Semiconductor Manufacturing (TSM)
Nov 09, 2012 (SmarTrend(R) Upgrades/Downgrades via COMTEX) --
Taiwan Semiconductor Manufacturing (NYSE:TSM) was upgraded from Neutral to Buy at UBS today. The stock closed yesterday at $16.13 on volume of 9.6 million shares, below average daily volume of 11.6 million. Over the past year, Taiwan Semiconductor Manufacturing has traded in a range of $12.00 to $16.31 and closed yesterday at $16.13, 34% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.2%.
Based on a current price of $16.13, Taiwan Semiconductor Manufacturing is currently 3.5% above its average consensus analyst price target of $15.57. The stock should discover initial support at its 50-day moving average (MA) of $15.15 and subsequent support at its 200-day MA of $14.52.
Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs. The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips. Taiwan Semiconductor is an affiliate of Philips Electronics N.V.
SmarTrend recommended that subscribers consider buying shares of Taiwan Semiconductor Manufacturing on August 3rd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.10. Since that recommendation, shares of Taiwan Semiconductor Manufacturing have risen 14.4%. We continue to monitor TSM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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