Key Takeaways:
- JPMorgan raised ASML's price target to $2,200, implying 24% upside.
- The bank cited strong 2027 growth prospects beyond the global WFE market.
- ASML shares have fallen over 11% in July ahead of Q2 earnings on July 15.
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JPMorgan raises ASML target to $2,200, sees 24% upside on 2027 growth
JPMorgan raised ASML Holding's price target to $2,200, implying a 24% upside from the stock's current $1,768.65 close.
ASML needs to signal strong capacity expansion and demand for 2027 and beyond for the stock to break out, JPMorgan said in a research note. The bank maintained its overweight rating on the Dutch semiconductor equipment maker.
The bank expects ASML's 2027 growth to significantly exceed the overall wafer fabrication equipment market, a dynamic it said cannot be achieved in 2026 because customer orders started late — in December 2025 — leaving the supply chain unable to deliver more extreme ultraviolet lithography systems this year. ASML reaffirmed its 2026 net sales guidance of €36 billion to €40 billion after reporting first-quarter revenue of €8.77 billion and net income of €2.76 billion.
The call comes as ASML's US-listed shares have declined more than 11% in July through Wednesday, pressured by broader sector volatility tied to Samsung's preliminary memory earnings and concerns over AI capital expenditure sustainability. The company is scheduled to report second-quarter results on July 15, with investors focused on order intake and any update to the 2027 outlook. A strong print could reverse the recent selloff and lift sentiment across the semiconductor equipment sector, including Applied Materials and Lam Research.
This article is for informational purposes only and does not constitute investment advice.
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