BofA Securities Reiterates Buy Rating on ASML

BofA Securities analyst Didier Scemama reiterated a Buy rating and $2,268.00 price target on ASML (NASDAQ: ASML).

“ASML’s 2030 guide assumes €44-60bn of sales, 56-60% GM and €7.7-8.5bn OPEX.

Conceptually, should ASML deliver revenues in excess of €60bn in 2030 (we think €73bn is possible), it suggested that both GM and EBIT margins should be higher (with the same mix assumptions) as higher revenues better absorb fixed costs in GMs (c20% of COGS, we estimate), R&D grows in line with sales and SG&A grows slowly.

This opens the door to GMs above 60%, EBIT margins of 50% and EPS >€90 on or around 2030, in our view.”

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