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ASML: UBS confirms buy rating

(CercleFinance.com) - In daily comments, the analyst considers that the outlook is intact, despite a drop in order intake, therefore confirming a Buy rating on the stock, with an unchanged target price of E1050, representing 23% upside potential.


Q1 2024 orders were below expectations, although the broker maintains a buy rating on the stock due to improving order momentum, high NA potential and growing customer size, it says.

Q1 EBIT came in 9% above the consensus, while Q2 EBIT forecasts are 12% below consensus. The broker expects minor changes for FY 2024 and FY 2025. However, it believes that the decline in orders compared with high expectations will weigh on the share.

ASML forecasts Q2 revenues of E5.7bn to E6.2bn, with a gross margin of 50% to 51%. Its outlook for FY 2024 remains unchanged, with H2 expected to be stronger than H1.


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