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We do not have a rated horsepower for that machine due to the fact it is a universal motor. It is too easy to play with the numbers on a universal type motor and come up with whatever horsepower you want. The amp draw is a better measure to compare motors by.
If you still need a hp rating, and we were to rate a 15 amp universal motor similar to the way one would rate an induciton motor, the rated horsepower would be about 1 hp and the max developed would be about 3 hp. Compare that to a 13 amp induction motor (like on the TS2424) which has a rated hp of 1 1/2 hp and a max developed of 3 hp. The difference is the universal motor makes more torgue than the induction.
Also the motor on the TS2400 is the largest motor we could mount on a tool and still be UL approved for 120v operation, since most standard house circuts are 15 amp.