Bernstein Raises ASML Price Target to $1,911

Bernstein SocGen Group analyst David Dai raised the price target on ASML (NASDAQ: ASML) to $1,911.00 (from $1,642.00) while maintaining an Outperform rating.

“Market irrationality is an opportunity; Despite strong results, ASML stock closed -2% (capacity, margin concerns, profit taking), creating a buying opportunity.

Massive Q4 2025 €13.2B net bookings (almost 2x Street est.). 4Q rev €9.72B, slightly above Street. Memory drove 56% of the booking surge (Logic 44%). Backlog rose €7B QoQ to €38.8B.

2026 guidance of €34-39B; high end significantly over €35Bn consensus. Guidance range depends on customer’s clean room availability. EUV leads growth (DUV flattish). 2H26 is to be stronger vs.

1H (time needed to ramp internal move rates, the projected customer fab completion timing). Mgmt reaffirmed 2030 targets of €44-60B revenue, GM 56-60%.

Margin guidance of 51-53% is a tad soft, due to product mix, partially offset by higher EUV units and installed base management.”

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