(CercleFinance.com) – Stifel reiterates its ‘buy’ recommendation on ASML with an adjusted price target of 800 to 790 euros, following an update of its model to reflect the postponement of revenue recognition, a lower gross margin and higher operational expenses in 2022.
“High memory order intake and high EUV backlog confirm our view that DRAM manufacturers are embracing EUV technology, even during a memory down cycle in 2023 and 2024,” the broker said.
According to Stifel, this makes the Dutch supplier of lithography equipment less exposed to reductions in memory capital expenditure than other names in semiconductor manufacturing equipment.
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