BofA Securities Affirms Buy on ASML, €2,557 Price Target

BofA Securities analyst Didier Scemama reiterated a Buy rating and EUR2,557 price target on ASML Holding NV (ASML:NA) (NASDAQ: ASML).

“Q3 revenue was €11,662mn, +55.2% YoY/+25.0%, largely in line with VA cons of €11,715mn, reflecting strong execution of the ramp-up.

IBM sales came in above guidance at €3.3bn, driven by continued strong demand for productivity upgrades. Gross margin was 57.4%, above VA cons of 56.0%.

Q3 EBIT was €5,173mn, 4.7% above VA cons of €4,943mn, while EPS of €12.9 was 18.9% above VA cons of €10.9. Free cash flow was €11,384mn, 201.8% above VA cons of €3,772mn.

For 4Q26, ASML expects sales of €14.7bn at the midpoint of its guidance range, 2.9% above VA cons of €14.3bn.

Gross margin is expected to be 57.0%, above VA cons of 56.7% and implied EBIT of €6,779mn, 6.8% above VA cons of €6,348mn. For FY26, ASML expects net sales of €44 45bn.

The €44.5bn midpoint is 1.2% above VA cons of €44.0bn, with gross margin expected to be approximately 56%. We maintain our Buy rating and PO of €2,557/$2,915; ASML remains our top pick in the sector.”

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