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The two banks raised their price targets on the same day, JPMorgan to €1,900 from €1,515 and Morgan Stanley to €1,660 from €1,400, both keeping Overweight ratings. JPMorgan analyst Sandeep Deshpande argued that ASML can deliver more than 110 low-NA EUV systems without adding new building capacity, well above the roughly 90 units investors had previously cited as the maximum and above the company's own near-term output.
That output is mission-critical for the chip industry because EUV remains a severe chokepoint on advanced chip supply. Every wafer of leading-edge silicon used to train and run AI models passes through an ASML scanner at some stage, so more machines shipping translates directly into more capacity for the fabs downstream.
Morgan Stanley said its greater confidence in near-term shipments stemmed from comments at ASML's April annual general meeting, where the company outlined an expansion at the Brainport Industries Campus in Eindhoven, with construction set to begin in the third quarter of 2026. The bank cautioned that the campus "needs to be the start of a multi-phase build-out" to fully alleviate capacity concerns.
ASML’s record ironically sits below the bar set by the companies ASML supplies. Its market cap remains short of the trillion-dollar mark that several U.S. chip firms have cleared, and the stock's roughly 50% gain this year has trailed the broader semiconductor sector, which has run far hotter on AI demand. ASML had already passed SAP as Europe's largest listed company and is now worth more than the next two European firms, HSBC and Roche, combined.
SK hynix places record $8 billion order for ASML EUV lithography machines
Key considerations
- Investor positioning can change fast
- Volatility remains possible near catalysts
- Macro rates and liquidity can dominate flows
Reference reading
- https://www.tomshardware.com/tech-industry/SPONSORED_LINK_URL
- https://www.tomshardware.com/tech-industry/asml-beocmes-europes-most-valuable-company-ever-as-analysts-bet-on-higher-euv-output#main
- https://www.tomshardware.com/subscription
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