ASML Holding Catalyst Rich 2026 Bodes Well for Path to €1600 Per Share

Goldman Sachs reiterates its Buy rating on ASML and raises the price target to €1,600, arguing that positive developments in AI demand and EUV layer growth are not fully priced in.

Key Takeaways

• 1.Reiterate Buy rating and raise 12-month price target to €1,600, citing that the market underprices AI demand and EUV layer growth.
• 2.AI-related demand is exceeding expectations, with hyperscaler capex plans being upgraded for 2026 and 2027.
• 3.ASML's valuation is undemanding, trading at a slight discount to global semicap peers despite a monopolistic position in EUV.

Table of Contents

• Changes to estimates
• Valuation remains undemanding relative to improving growth outlook indexed to the structural demand and stronger competitive moat
• Valuation and key risks
• Disclosure Appendix
• Ratings, coverage universe and related definitions

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