Deutsche Bank Bumps ASML Price Target to €2,150

Deutsche Bank analyst Robert Sanders raised the price target on ASML Holding NV (ASML:NA) (NASDAQ: ASML) to EUR2,150 (from EUR1,800) while maintaining a Buy rating.

“ASML have over-delivered in many ways over the last several years, but achieving targeted levels of profitability has not been an area of positive surprise.

Probably the most famous incident was the marked, downward revision in October 2024 on the 2025 gross margin, which was originally forecast to be 54-56%.

This happened only 6 months into the new CEO’s term. Fast forward, Q2 results in 2026 therefore mark a turning point in our view in the ASML story.

Yes, ASML is not out-growing WFE spend growth to a massive degree given countervailing tailwinds and headwinds, but the sight of the gross margin moving up to 56% in H2-26 finally shows that ASML does have line of sight to a gross margin of >60%.

That bodes well for ASML’s earnings growth justifying a higher multiple than the current one (27x 2027E PE or 21x 2028E PE), after we have raised our EPS forecasts significantly by 18-24%.”

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