Overview

• HSBC raised its ASML price target to EUR 1,018 on October 6 with a Buy rating, expecting September-quarter results and December guidance to land broadly in line on October 15.
• HSBC projects 6% revenue growth for 2026, says its 2026 revenue and operating income estimates run 3%–5% above consensus, and highlights DRAM capacity expansion as a tailwind.
• UBS reiterated a Buy on October 1, lifting its target to EUR 940 from EUR 750 and increasing 2026–2027 EPS estimates by roughly 10%–15% on AI-led memory demand and stronger smartphone and PC sales.
• ASML remains the sole supplier of EUV lithography systems, a position that makes its tools essential for producing the most advanced chips.
• Industry commentary points to robust semiconductor growth—about $627.6 billion in 2024 with a 2025 projection near $697 billion—while noting premium valuation and geopolitical export controls as ongoing considerations.