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ASML: BofA reduces target price

( - BofA announced Monday that it has lowered its target price for the ASML share from 385 euros to 376 euros after the US government introduced constraints on exports to SMIC, the leading Chinese chip manufacturer.

"Given recent news flow, we think these reported sanctions may not come as a total surprise to the market and the recent share price pullback suggests that they may be somewhat priced in," the broker says.

"While these restrictions could present near term demand hiccups, our view on the company remains unchanged. We continue to think that EPS could more than double by 2025 from '20 levels".

The broker therefore reiterates its "buy" recommendation on the share of the Dutch semiconductor equipment maker.

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