Degroof Petercam lowered the price target for ASML on Wednesday from 1,050 to 925 euros while maintaining the buy recommendation. This emerged from a report by analyst Michael Roeg.
The analyst lowered his price target after ASML released unplanned third-quarter figures on Tuesday. While turnover and profit were higher than expected, the order inflow was considerably disappointing, according to Roeg.
And ASML also lowered its outlook for 2025. Next year, ASML expects to generate a turnover of 30 to 35 billion euros, which is less than the 30 to 40 billion euros previously expected. And the gross margin will not be 54 to 56 percent, but 51 to 53 percent, ASML reported on Tuesday.
According to Roeg, the new outlook still points to revenue growth of 16 percent, but the consensus was for 30 percent.
The analyst noted that ASML customers are reducing their investments faster than expected. Degroof reduced the turnover estimates for 2025 and 2026 by 9 percent. And earnings estimates fell 15 to 17 percent. Roeg did increase his turnover forecast for 2024 by several percent.
We now have to wait for the investor day in November, according to Roeg.
ASML shares fell by 4.1 percent to 641.00 euros on Wednesday.
