RBC Capital Raises ASML Price Target to $2,000

RBC Capital analyst Srini Pajjuri raised the price target on ASML Inc.

(NASDAQ: ASML) to $2,000 (from $1,700) while maintaining an Outperform rating.

“When will they raise prices? We believe EUV demand trends have improved since last earnings although near term upside is likely modest given the long lead times.

We expect 2027 EUV shipment outlook to improve more materially, closer to 90 low-NA units (vs >80 previously).

Robust GenAI investments, DRAM tightness, and intensifying competition at leading-edge foundry are driving strong EUV momentum, with potential Terafab providing further visibility.

EUV is emerging as a bottleneck and supply tightness won’t likely ease for the next 2–3 years.

This naturally raises the question about whether ASML should be more aggressive on pricing, particularly given record profitability among its customers.

We believe unit and mix tailwinds are sufficient to drive continued outperformance.

However, the environment looks ripe for pricing actions that could accelerate topline and margin momentum. We raise PT to $2,000 and reiterate Outperform.”

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