BofA Securities Reiterates Buy on ASML, €2,452 PT
BofA Securities analyst Didier Scemama reiterated a Buy rating and €2,452 price target on ASML Inc.
(NASDAQ: ASML).
“Assuming China can source 20 ArFi tools locally and that ASML would not be able to sell them to a third party as an offset, it would reduce ASML sales by €1.4bn (2.4% of group sales) next year.
We note that US Semicap companies have already got local competition in deposition, etch and inspection yet trade in line with or at a small premium to ASML, even though ASML have a de facto monopoly on EUV and ArFi technology.
We think today’s weakness is an over-reaction and see current levels as an attractive opportunity.
With the stock trading on just 19x CY28E PER, well below its historical median multiple of 32x, we reiterate our Buy rating/Top pick and €2,452 PO.”
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