HSBC maintains its Buy rating on semiconductor equipment maker ASML and raises its price target to 2,261 euros from 2,177 euros.
The bank sees continued rising demand that exceeds the company’s production capacity. The order situation suggests that capacity for 2027 may already be fully booked.
HSBC raises its forecasts for operating profit in 2026–2028 by 3–4 percent and sees potential for a higher valuation. The stock trades at a P/E ratio of 18.4 for 2028, well below the five-year average of 33.2. Further announcements on capacity increases are expected in January.
ASML is down 6.4 percent today at 1,431 euros.
