ASML: Oddo BHF still a buyer, but trims TP
(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on ASML shares, while trimming its target price for them from E740 to E720.
The broker reports that ASML published quarterly results that were slightly ahead of expectations (sales came in at E6,673m, close to the E6,690m consensus - Oddo BHF expected E6,756m), although also very weak orders, especially in EUV. The 2023 guidance was maintained.
ASML also gave an initial vision of 2024, suggesting a year of transition, flat sales (vs. consensus of +5%), followed by a strong recovery in 2025.
Given the current context, analysts understand the market's doubts about the realisation of the scenario described, which nevertheless senses the start of a cyclical recovery for ASML's customers, which will probably be reflected in H1 24 by a recovery in orders, which will support this plan.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker reports that ASML published quarterly results that were slightly ahead of expectations (sales came in at E6,673m, close to the E6,690m consensus - Oddo BHF expected E6,756m), although also very weak orders, especially in EUV. The 2023 guidance was maintained.
ASML also gave an initial vision of 2024, suggesting a year of transition, flat sales (vs. consensus of +5%), followed by a strong recovery in 2025.
Given the current context, analysts understand the market's doubts about the realisation of the scenario described, which nevertheless senses the start of a cyclical recovery for ASML's customers, which will probably be reflected in H1 24 by a recovery in orders, which will support this plan.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.