Bernstein Flags Underestimated EUV Shipments, Reiterates Outperform on ASML
ASML•Bernstein analyst Renato Neves said consensus forecasts understate ASML’s EUV tool shipments and margin expansion potential, reiterating an Outperform rating with unidentified upside. He argued that leading-edge foundry demand will exceed current 2026 revenue and profit estimates.
1. Bernstein Maintains Outperform Rating
Renato Neves of Bernstein kept an Outperform rating on ASML, arguing that sell-side price targets are too conservative. He highlighted that current valuations fail to capture the company’s growth trajectory in advanced lithography tools.
2. EUV Shipments and Margin Outlook
Neves pointed to stronger-than-expected demand for ASML’s extreme ultraviolet lithography systems, forecasting higher 2026 installations. He also expects improving gross margins as utilization at leading-edge foundries ramps up, creating upside risk to consensus profit forecasts.
