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ASML: Stifel raises target price

(CercleFinance.com) - Stifel reinstates its "buy" rating on the ASML shares, having increased its corresponding target price from 520 euros to 580 euros, due to higher earnings estimates and to reflect the expansion of sector multiples.


To reflect "our expectations of rising capital intensity in semiconductor manufacturing over the medium term", the broker has increased its EPS estimates for the Dutch group by 10% in 2023 and 18% in 2024.

"Rising DRAM spot prices suggest that memory markets are recovering quickly. Hence, we expect memory-related equipment orders for ASML to rise strongly in the course of 2021," it adds.


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