Overview

• New Street cut ASML to Neutral on Oct. 6 with a €790 price target, warning AI-related capital spending could peak by 2026 and calling the valuation a risky setup.
• A countering Seeking Alpha analysis labeled the shares a strong buy, arguing ASML’s unmatched EUV moat, pricing power and backlog support paying roughly 10x FY2026 sales.
• The stock is up about 40% this year as AI-driven demand lifts orders and ASML remains the only supplier of EUV tools used by TSMC, Samsung and Intel.
• After 2024’s slowdown, ASML delivered double-digit gains in net sales and EPS over the past four quarters with expanding margins, helped by a recovery in DRAM demand.
• Investors are watching the Oct. 15 release for updates on high‑NA EUV rollouts, order trends and any effects from tighter restrictions on sales to China.