Goldman Sachs Raises ASML Price Target to €2,000

Goldman Sachs analyst Alexander Duval raised the price target on ASML Holding NV (ASML:NA) (NASDAQ: ASML) to EUR2,000.00 (from EUR1,770.00) while maintaining a Buy rating.

“ASML will report its 2Q26 earnings on July 15, and we update our estimates to reflect the recent memory datapoints and our latest view on China, among other factors. We reiterate our Buy rating.

Demand for Memory continues to outstrip supply, and recent datapoints suggest increased capex investments in the space.

For example, Micron at its recent 3QFY26 results stated that it expects capex investment of c.$10bn in 4QFY26 (implying FY26 capex of around $27bn), with FY27 capex set to increase significantly yoy (GS currently models FY27 capex of $50bn), of which around 50% of the increase is attributable to construction capex (see more details in our readacross note here).

Additionally, we believe that Memory demand could drive a multi-year capacity build-out, which is a positive for semicap players and especially ASML given its relatively higher Memory exposure and longer lead times (>12M for EUV tools).

For example, Samsung recently announced that it aims to spend around W2,450tn over the next 15 years (2026-2040), with around 76% of the total investment allocated to semiconductors (see more details in our Asia team’s note here).

While Samsung did not disclose details around the split of the spending between capex and R&D (per our colleagues covering Samsung), we believe these LT investments could be a material tailwind for ASML.”

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