ASML Holding NV, the leading supplier of extreme ultraviolet (EUV) lithography systems, has seen its U.S.-listed shares rise over 123% in the past year, driven by surging demand for semiconductor manufacturing technologies tied to artificial intelligence expansion. Bernstein Research has raised its price target on the stock to $2,623 from $1,971, reflecting a 48% upside potential from the previous closing price, following a 3% premarket gain on Monday.
The upgrade stems from Bernstein’s upward revision of ASML’s revenue forecasts, citing the unprecedented growth in advanced logic chips and dynamic random-access memory (DRAM) capacity driven by AI workloads. Analyst David Dai noted that high numerical aperture (NA) EUV lithography systems, which are critical for producing cutting-edge memory solutions like high-bandwidth memory (HBM), are poised for broader adoption. While logic chip manufacturing will likely be the long-term focal point, DRAM production is expected to adopt NA-EUV first due to lower exposure costs, accelerating ASML’s near-term revenue potential.
ASML’s technology enables the creation of microchip patterns on silicon wafers, a foundational element in AI infrastructure. With all 19 analysts covering the stock maintaining a Buy or Strong Buy rating, Bernstein’s outlook aligns with the broader consensus, underscoring sustained investor confidence in the company’s role as a linchpin of the global semiconductor supply chain.
