BofA Securities analyst Didier Scemama raised the price target on ASML Holding NV (ASML:NA) (NASDAQ: ASML) to EUR2,557 (from EUR2,452) while maintaining a Buy rating.
“We raise our CY28E revenue/EPS estimates by 8.7%/13.0% respectively to €76.5bn/€85.2 from €70.4bn/€75.4.
Our higher estimates reflect higher like-for-like pricing (c5% higher ASPs for DUV, EUV and IBM), higher EUV units (120 vs 110 prior) and higher dry units (210 vs 190 prior) less than offset by 2.5% higher input costs.
On our revised estimates, we expect ASML system revenues to grow 40%/31.9%/36.2% yoy in CY26/2728E, in-line to slightly above WFE revenue growth over the same period (33%/34%/30%) and deliver 50% EPS CAGR 2025-28E, the best of its global peers owing to higher gross margins (6.5ppts higher GM vs 1.3ppts on average for peers).
Accordingly, we reiterate our Buy rating/Top Pick and raise our PO from €2,452 to €2,557 (US$2915 for the ADR) on 25x CY28E EV/EBITDA, down from 27x prior reflecting recent sector de-rating but still within its historical range of (18x to 34x).”
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