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ASML: Stifel raises target price

( - Stifel reinstates its "buy" rating on ASML shares, while raising its target price for them from 730 euros to 750 euros, after EPS estimates for 2023 and 2024 were nudged up following the Dutch group's quarterly publication.

"The high order backlog that ASML reported for Q4 confirms our view that DRAM manufacturers are adopting EUV technology, and should continue to do so during the memory down-cycle expected in 2023 (and potentially 2024)," the broker says.

Stifel adds that this makes ASML less exposed to memory capex cuts than other semiconductor equipment names. It expects EUV revenues to rise to 10.3 billion euros in 2023, up from 7.1 billion euros last year.

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