ASML: High-NA EUV Timing Shift Seen as Margin-Accretive, Supporting Upside and Buy Rating

Analyst Didier Scemama from Bank of America Securities maintained a Buy rating on ASML Holding NV and keeping the price target at €1,598.00.

Didier Scemama has given his Buy rating due to a combination of factors, notably that TSMC’s recent remarks on delaying use of high-NA tools align with his existing assumptions rather than undermining ASML’s outlook. He continues to project initial high-NA shipments ramping toward volume use around 2029, with any shift by TSMC to a later node having limited impact on his current forecasts.

He also argues that a slower transition to high-NA could actually boost ASML’s profitability, since extended reliance on multiple-patterning low-NA EUV tools would generate higher revenue per node at stronger gross margins. In addition, he expects memory makers such as SK Hynix and Samsung to adopt high-NA earlier, supporting demand, and his valuation still shows meaningful upside from the current share price, justifying the maintained Buy rating and price objective.

According to TipRanks, Scemama is a 4-star analyst with an average return of 6.7% and a 50.54% success rate.

In another report released yesterday, Bernstein also maintained a Buy rating on the stock with a €1,700.00 price target.