ASML: UBS cuts target price
(CercleFinance.com) - The group posted net sales of 6.
7 billion euros in Q3, with a gross margin of 51.9%.
Net income came in at E1.9bn. while EPS was E4.81, 5% above the consensus of E4.58.
Following this earnings announcement, UBS confirms its Buy rating on the stock, with a slightly lower target price of E770 (from E780).
UBS expects guidance for 2024 to improve. " Q3 EBIT was in line consensus, while FY23 guidance also implies in line EBIT vs cons. However, ASML expects 2024 revenues to be similar to 2023 and take "a conservative view". We estimate this would imply 10-15% EBIT cut to cons 2024," the broker says.
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.
7 billion euros in Q3, with a gross margin of 51.9%.
Net income came in at E1.9bn. while EPS was E4.81, 5% above the consensus of E4.58.
Following this earnings announcement, UBS confirms its Buy rating on the stock, with a slightly lower target price of E770 (from E780).
UBS expects guidance for 2024 to improve. " Q3 EBIT was in line consensus, while FY23 guidance also implies in line EBIT vs cons. However, ASML expects 2024 revenues to be similar to 2023 and take "a conservative view". We estimate this would imply 10-15% EBIT cut to cons 2024," the broker says.
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.