ASML UBS raises price target to 2350 euros

UBS’s more bullish view comes as the sector continues to benefit from artificial intelligence demand and from a rebound in capital spending by chipmakers. ASML has already told investors in July that it expects 2026 total net sales of 43 billion euros to 45 billion euros, up from an earlier range of 36 billion euros to 40 billion euros, with gross margin guidance of 54% to 56%.

The stock’s recent trading also shows why the new target is landing with investors. ASML last closed at 1,665.14 euros, well below UBS’s new target but still far above its levels earlier in the year, when it traded near 930 euros in October. Even after that rally, the shares have cooled from a June peak above 1,986 euros, and the 50-day moving average now sits above the current price, suggesting momentum has softened.

The broader chip backdrop is still supportive. Nvidia remains a key barometer for AI spending, while Taiwan Semiconductor Manufacturing Co. continues to signal solid demand for leading-edge capacity, reinforcing the view that foundry and equipment spending should stay elevated. South Korea’s plan to finalize a five-year semiconductor roadmap adds another layer of policy support for the industry.

For investors, the key question is whether ASML can turn stronger demand and firmer guidance into another leg of earnings and multiple expansion. The company’s next catalyst will be any fresh commentary on customer spending plans, export controls and the pace of EUV and high-NA tool demand.