Freedom Broker Raises ASML Price Target to $2,100

Freedom Broker analyst Egor Tolmachev raised the price target on ASML (NASDAQ: ASML) to $2,100 (from $1,650) while maintaining a Buy rating.

“Q2’26 beat and the guidance raise all trace back to a single source: customers want more capacity than ASML can currently build.

With 2027 Low NA EUV orders close to fully covered and a significant 2028 book already placed, ASML has committed to a 30% capacity step for 2027 and is investigating a second for 2028, explicitly pre-empting purchase orders rather than waiting for them.

That posture rests on customers’ own multiyear agreements rather than on ASML’s read of the cycle, and it carries two consequences.

Pricing has turned from constraint into lever: management now speaks openly about capturing a share of the imaging and overlay value it historically gave away, though long lead times defer the benefit.

And Intel’s High NA insertion on 18A makes the next platform a capacity option rather than a science project.

The FY26 re-base to €43bn–€45bn is the visible result; the order book behind it is the more durable one. We reiterate our Buy rating and raise our price target for ASML-US to $2,100.”

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