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ASML: Berenberg maintains 'buy' rating; targets 175 euros.

(CercleFinance.com) - Berenberg maintains a "buy" rating on ASML shares, with a target price of 175 euros, saying "all is progressing well" following a Paris roadshow with the Dutch semiconductor equipment maker's CFO.

The German broker says ASML's revenue target of 11 billion euros for 2020 seems "more achievable" than when it was set last year, due to robust demand.

"The adoption of ASML's extreme ultraviolet lithography (EUV) tool is progressing well," Berenberg writes in a research note.

The broker points out that ASML highlighted that artificial intelligence, autonomous driving, cloud computing and mobile phones will be demand drivers.

Berenberg says it expects this type of cycle to be more sustainable than previous phases of high capex.

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