-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We lift our price target by USD42 to USD1,846, 40x our 2027 EPS view (USD46.14 using a USD/EUR XR of 1.18x), near peers but above ASML's five-year average (~29x) on substantial AI demand. We lift our 2026 EPS view EUR1.82 to EUR30.82 and raise 2027's EUR1.20 to EUR39.20. Encouragingly, management noted that its 2026 sales guidance (+4% vs its Q4 view) contemplates evolving export controls, implying to us that AI demand will offset potential MATCH Act headwinds. China contributed just 19% of Q1 sales (-1,700 bps Q/Q, -800 bps Y/Y), exhibiting reduced vulnerability to export control tightening as memory makers provide extra diversification (45% of sales from South Korea, +2,300 bps Q/Q). Rising EUV penetration and the ongoing memory shortage should further amplify this trend, driving significant upgrades activity in 2026. Strong order activity should materialize into higher sales in 2027 and beyond, supported by ASML's growing capacity plans, with low-NA EUV capacity set to double in 2027 vs 2025 levels.