The market is worried too much! Morgan Stanley: Intel's (INTC.US) foundry competition is actually good news for TSMC (TSM.US).

According to the Finance and Economics APP, rumors of the revival of Intel's manufacturing plant have had a negative impact on Taiwan Semiconductor (TSM). Investors are worried that the competition from Intel's manufacturing plant will intensify. However, Morgan Stanley believes that the "competitive illusion" of Intel's manufacturing will actually benefit Taiwan Semiconductor. The bank maintains a "buy" rating for Taiwan Semiconductor with a target price of 1275 New Taiwan Dollars.