JPMorgan Reiterates Overweight Rating on ASML

JPMorgan analyst Sandeep Deshpande reiterated an Overweight rating and $1,518.00 price target on ASML (NASDAQ: ASML).

“Our Take: 4Q 2025 is the last quarter ASML will report orders and with an order number of €13.2bn which is 88% /93.6% ahead of JPMe/cons.

The company is guiding to FY26 sales of €34-30bn which is €36.5bn at the midpoint or up 11.7% YoY which is 3.5% ahead of consensus.

Overall the FY26 guidance is positive, but the very robust order intake points to an even stronger FY27 where estimates are likely to increase significantly.

There is almost nothing to dislike in the orders or the guidance.

We continue to believe that ASML is in a multi-year up-cycle and estimates in ’26, ’27 and ’28 will increase on these results with the biggest upgrades in ’27 and ’28 in the double digit %.

Stock is OW and on our Analyst Focus List.”

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