Analyst Didier Scemama of Bank of America Securities reiterated a Buy rating on ASML Holding NV, boosting the price target to €1,454.00.
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Didier Scemama has given his Buy rating due to a combination of factors tied to stronger-than-expected demand and upgraded financial projections. He raises his 2025–2027 estimates, now forecasting mid-teens revenue growth in 2026–2027, and positions his outlook well above consensus, largely because recent data show Chinese imports of ASML tools growing instead of declining as previously assumed. This improved view on China adds to earlier upward revisions driven by higher capital spending at key foundry customers such as TSMC and stronger server CPU-related demand benefitting ASML’s exposure to Intel. He also incorporates a more constructive memory-cycle view, reflecting increased EUV adoption in DRAM (including for HBM) and higher EUV layer counts at advanced nodes, while fine-tuning the mix of future EUV shipments between memory and logic/foundry customers.
In addition, Scemama highlights that recent customs data point to record-high DUV shipments into China in late 2025, which should support margins above market expectations and indicate that regulatory easing and local memory capacity additions are temporarily boosting orders. While he acknowledges potential “pull-forward” risk in Chinese demand and builds in subsequent declines in 2026–2027, the overall multi-year growth profile remains attractive. On valuation, he lifts his price objective to €1,454, using a 31x EV/2027E EBITDA multiple that sits near the high end of ASML’s historical range, justified by the company’s sustained growth runway and its strategic importance across leading-edge foundry and logic customers. Taken together, these elements support his view of ASML as a top pick and validate maintaining a Buy recommendation.
Scemama covers the Technology sector, focusing on stocks such as Logitech, ASML Holding, and ASML Holding NV. According to TipRanks, Scemama has an average return of 5.0% and a 49.44% success rate on recommended stocks.
In another report released yesterday, Bernstein also maintained a Buy rating on the stock with a €1,300.00 price target.