Glonghui, April 22 | Bank of America Securities published a research report stating that TSMC's performance in the first quarter was steady, with earnings of NT$8.7 per share, in line with expectations. At the same time, the guidelines for the second quarter were also improving. Due to the strong performance of N3/N5 and the rapid recovery of production after the earthquake, the company's second-quarter revenue and gross margin guidelines also exceeded expectations. The bank pointed out that considering the strong demand for artificial intelligence and N3/N2, and the improvement in profitability driven by the company's pricing, the profit forecast for 2024 to 2026 was raised by 4%, and the target price for **** stocks was raised to NT$920 based on the projected price-earnings ratio of 18 times in 2025, to reflect the rapid growth trend and guidance of AI servers that are better than expected. According to the Bank of America, the corresponding total value of TSMC's current price is about 16 times the projected price-earnings ratio for 2025, which is still attractive, and it is expected that the stock price will still have room to rise.