Thursday April 18, 2024 | Source: ABM Financial News
(ABM FN-Dow Jones) Berenberg increased the price target for ASML on Thursday from 880 to 1,100 euros while maintaining the buy recommendation. This was evident from a report by analyst Tammy Qiu.
“The weak orders are not a concern for us,” Qiu responded to ASML’s share price fall, after the company on Wednesday showed a much lower order inflow in the first quarter than expected. With 3.6 billion euros in orders, ASML came in well below the analyst consensus of 5.0 billion euros. “Investors reacted negatively to this,” Qiu said.
The analyst noted that the number of orders at ASML varies per quarter, and that the lower than expected inflow in the first quarter is therefore not an indication that the Veldhoven residents will not achieve their 2025 turnover outlook of 35 billion euros. Qiu believes that after a few quiet quarters due to the weak recovery of the end markets, TSMC is now preparing for the migration to 2 nanometers and ASML will benefit from this. And at the same time, Intel will maintain its orders, Berenberg thinks.
Qiu did note that it is uncertain whether TSMC will knock on ASML’s doors in the second or third quarter, but that this will in any case happen before the end of the year.
ASML shares closed on Wednesday at 852.40 euros.
Bron: ABM Financial News
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