ASML

Research evidence excerpt

ASML

J P M O R G A N Europe Equity Research

16 July 2026

ASML Overweight

ASML.AS, ASML NA

Final word on ‘27, ‘28 has not been said. Co. can raise Price (15 Jul 26):€1,544.00

estimates again. Reiterate OW rating. ▲Price Target (Jun-28):€2,100.00

Prior (Jun-28):€1,900.00

Investors are trading ASML as if it is 2025 or before, when ASML gave order

guidance. The guidance from the co. over the last 2 quarters has indicated that the Overweight

co. is not giving the sort of guidance it gave in the past, when full year guidance ASML, ASML US

was always met and not beaten but the momentum was provided by the orders. Price (15 Jul 26):$1,815.27

Now, the company is raising guidance every quarter to provide momentum. Thus, ▲Price Target (Jun-28):$2,400.00

there is every reason to believe that the FY27 guidance will be raised in the current Prior (Jun-28):$2,200.00

market environment. In fact, the co. itself indicated in the conference call that the

EUV capacity guidance in ‘27 was not a ceiling. Based on the demand trends and

European Tech Hardware &

the capacity guidance from the co., the stock is now trading as if the industry is Payments

going into a downturn when there are no such indications in the market. ASML

Sandeep Deshpande ACremains our top pick in our space, we remain OW and the stock is on the AFL.

(44-20) 7134-5276

• Market needs to recognize that the way ASML guides has changed. There sandeep.s.deshpande@jpmorgan.com

is every liklihood that the company will raise FY27 capacity indications Craig A McDowell

again: ASML’s FY26 guidance and indications of EUV and Immersion DUV (44-20) 7742-4576

craig.mcdowell@jpmorgan.com

capacity in FY27, FY28 were strong. The only datapoint that was not as strong

Anthony Girard