BofA Sees 15 High-NA EUV Tool Deliveries and €52 B 2028 Revenue for ASML
Bank of America forecasts ASML will deliver 15 high-NA EUV tools in 2028 after achieving 80% tool availability by end-2025 and predicts memory CAPEX strength through 1H27E. It regards its €52 billion 2028 revenue estimate as conservative, expects 22 low-NA EUV deliveries by 4Q27E, and maintains a €1,598 target.
1. Asia Investor Meetings Highlight Memory Demand
BofA’s meetings with Asia investors reveal that the memory cycle is poised to remain strong through at least the first half of 2027, driving upside potential in memory capital expenditures and positioning ASML as a key beneficiary.
2. EUV Capacity Projections and Tool Deliveries
The firm expects EUV tool availability to reach 80% by end-2025 and 90% by end-2026, models 15 high-NA EUV tool deliveries in 2028, and projects low-NA EUV capacity to be met by the fourth quarter of 2027 with 22 tool shipments.
3. Conservative Revenue Forecasts and Price Target
BofA’s €52 billion revenue projection for 2028 is viewed as increasingly conservative compared with consensus, and anticipates room to raise 2030 guidance to €53.7–65.4 billion at a capital markets day, while maintaining a €1,598 price target and Buy rating.