JP Morgan raised ASML’s 2027 and 2028 unit forecasts after the chip equipment maker signaled it can ship at least 80 low-NA EUV tools in 2027. The bank now projects ASML could deliver 110 or more low-NA EUV systems by reducing cycle times, repurposing cleanrooms and reallocating high-NA capacity.
JP Morgan concluded that consensus earnings forecasts for 2027 and 2028 are materially too low, boosting its own unit projection for low-NA EUV lithography tools from 80 to an initial 90 and signaling further upgrades. This revision reflects improved visibility into ASML’s manufacturing cadence and profit potential over the next two years.
During its first-quarter report, ASML moved from conservative volume guidance to indicating its existing facilities can exceed the prior cap of 90 EUV tools without building new cleanrooms. This shift underscores management’s confidence in scaling production through process improvements and space optimization.
ASML has identified reducing manufacturing cycle times, repurposing R&D cleanrooms, reallocating capacity from high-NA to low-NA tools, and reinstating rapid-shipment protocols as key levers to reach 110+ low-NA EUV shipments in 2027 without additional infrastructure investment.
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