ASML retains Buy rating, driven by robust memory cycle through 2027

Bank of America reiterated its Buy rating and €1,598 price target for ASML following investor meetings in Asia. Analysts expect the memory cycle to remain robust through at least the first half of 2027. This trend likely increases memory capital expenditure, positioning ASML as a primary beneficiary.

Three catalysts drive future growth, including the adoption of high-NA EUV tools in 2028. Low-NA EUV capacity may be reached by late 2027. ASML might also raise its 2030 revenue guidance at an upcoming capital markets day. Bank of America noted its €52 billion revenue forecast for 2028 now appears conservative.