Yahoo Finance ASML Has Another 35% Upside After Hitting Record High, BofA Says
(Bloomberg) -- Hot on the heels of becoming Europe’s second-largest company by market value, ASML Holding NV got a fresh boost as Bank of America Corp. raised its price target to a level above all peers.
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The shares have potential to rise a further 35% from current levels due to the semiconductor equipment maker’s key role in the artificial intelligence boom, BofA analyst Didier Scemama wrote in a note. He raised his target to €1,302, the highest among 40 analysts tracked by Bloomberg.
Scemama expects the Dutch company to book revenue of €40 billion ($43.5 billion) next year, a figure that’s at top end of ASML’s guidance range. He sees a rising need for the firm’s high-end lithography tools as chipmakers build faster and more powerful chips for servers and data centers dedicated to run AI algorithms.
Read: ASML to Ship Its $380 Million Chip Machine to TSMC This Year
ASML shares rose as much as 3% on Thursday, hitting a record high of €972 amid a second day of broad gains in technology stocks. That took its market capitalization to more than €385 billion, keeping it ahead of luxury-goods group LVMH, which it surpassed on Wednesday.
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