UBS reinstated ASML as top European semiconductor pick, raising its price target to €1,900 and boosting its 2027 and 2028 EPS estimates to €48.42 and €59.73. ASML’s forward P/E premium has narrowed to 6% from its 10-year average of 84%, while Applied Materials shares have gained 48%–70% year-to-date. This peer momentum and valuation convergence may drive a further re-rating of Applied Materials stock.