Bernstein raises ASML price target to $2,623 from $1,971, implying 48% upside

According to CNBC, Bernstein raised its price target on ASML’s U.S.-listed shares to $2,623 from $1,971, implying 48% upside from Thursday’s close, and reiterated an outperform rating. Analyst David Dai said the firm materially increased its ASML topline forecasts following what it called an AI-driven expansion in advanced logic and DRAM capacity, adding that High Numerical Aperture Extreme Ultraviolet (HNA EUV) will likely be adopted first in DRAM than for logic due to lower cost of exposure for DRAM. ASML shares were up 3% in premarket trading Monday after the target increase and have gained 123% over the past year; LSEG data shows all 19 analysts covering ASML rate the stock a buy or strong buy.