Mizuho upgraded ASML to a Buy on Monday and raised its price target from €650 to €930. They see stronger-than-expected demand for ASML’s EUV machines from major chipmakers.
The analysts expect ASML’s earnings per share to grow 6 percent in 2026 and 21 percent in 2027. Growth will be driven by higher spending on wafer fab equipment from companies like TSMC, Samsung, Intel, and continued demand in China.
Samsung is expected to boost demand in 2026 with technology upgrades and capacity expansion for DRAM and N2 logic. Intel will also be a key customer, with stable EUV demand for its CPU products and potential 14A foundry work for Apple and Nvidia.
China remains important, with wafer fab equipment spending forecasted to grow 13 percent in 2026. ASML’s business in China alone is expected to rise 4 percent next year.
Mizuho now values ASML at 30 times estimated 2027 earnings, up from 25 times, saying the strong EUV demand justifies the higher valuation.