ASML: Credit Suisse still a buyer, cuts TP
(CercleFinance.com) - Credit Suisse reinstates its "outperform" rating on ASML shares, having reduced its target price for them from 960 euros to 920 euros, judging their valuation to be attractive, trading at a 2023 P/E of 23x, i.
e. a 28% discount to its five-year average.
"Demand trends remain strong with fast shipments and cost inflation posing transitory problems," the broker says, which nevertheless believes that ASML's structural outlook remains unchanged.
For the Dutch lithography equipment manufacturer, Credit Suise continues to expect EPS to almost quadruple by 2025, even increasing sixfold by 2030, compared to its level in 2020.
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