Cantor Fitzgerald Reiterates Overweight on ASML, €2,500 PT

Cantor Fitzgerald analyst C.J.

Muse reiterated an Overweight rating and €2,500 price target on ASML Holding NV (ASML:NA) (NASDAQ: ASML).

“ASML shares have significantly underperformed front-end peers over the last 1-, 3-, and 5-year timeframes as investors have fretted over peaking litho intensity, worried about the implications of 3D DRAM, and, more recently, concerned about potential negative implications from the MATCH Act.

In turn, ASML’s monopoly-led P/E multiple premium to peers has completely vanished.

Looking ahead, we expect litho intensity to accelerate higher starting in 2HCY27; we do not see 3D DRAM coming into the picture for another decade (in fact, 6F2/4F2 investments have only accelerated both low NA and high NA investments by DRAM makers), and we view risk from the MATCH Act as minimal.

Moreover, layer in our stronger litho unit checks for CY26/27/28, an exciting GM expansion story, and the company’s commitment to real operating leverage, and we believe ASML shares are at an inflection point.

We have raised our EPS estimates across the board based on our latest litho checks and now see stretch-goal EPS +13%/+16%/+18%/+20% vs. consensus for CY26/27/28/29.

As we reflect on an underappreciated margin story, positive estimate revisions, and Capital Markets Day planned for June 2027, we believe shares are ripe for outperformance.

We reiterate our Overweight rating and €2,500 price target, suggesting ~70% upside from current levels. ASML remains a Top Pick.”

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