ASML Upgraded by Bernstein on Anticipated DRAM Super Cycle

Bernstein SocGen Group upgraded ASML Holding NV to "Outperform" from "Market Perform." The firm substantially increased the price target to €1,300, up from €800.

The upgrade anticipates a forthcoming DRAM super cycle. Major manufacturers expect to significantly expand capacity in 2026. Bernstein notes that DRAM makers are moving to a more lithography-intensive process, which favors ASML's equipment demand.

Advanced logic serves as another key growth driver. The firm highlights reports that TSMC is expanding its 3nm capacity. This expansion meets surging AI demand.