ASML Price Target Raised to €1,900 as EUV Revenue Seen Up 37%
UBS names ASML its top pick with a Buy rating and raises its price target to €1,900, highlighting excess capacity, growing memory lithography share and ongoing High-NA EUV rollout. Analysts forecast EUV revenue growth of 37% in 2027 and 10% in 2028, with memory and foundry revenues up over 30%.
1. UBS Upgrade and Price Target
UBS names ASML its top investment pick with a Buy rating and raises its price target to €1,900, citing structural capacity surplus, increasing memory lithography share and continued momentum in High-NA EUV system adoption.
2. EUV and DUV Revenue Forecasts
Analysts now project ASML’s EUV system revenues to grow 37% Year-on-Year in 2027 and 10% in 2028, a significant upgrade from previous forecasts of 26% growth and a 1% decline respectively, while DUV systems benefit from broader fab expansion.
3. Memory Lithography Outlook
UBS forecasts memory lithography revenues to increase 35% in 2027 and 10% in 2028, attributing this strength to extended memory cycle constraints that drive higher wafer fab equipment intensity across DRAM and NAND producers.
4. Foundry and Logic Segment Growth
Foundry and logic systems account for 62% of ASML’s projected product sales in 2026, with revenue growth now expected at 34% in 2027 and 18% in 2028, driven by improved operations at Intel and Samsung and TSMC capacity limits.