ASML: price target reduced by Oddo BHF

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on ASML shares, with a price target reduced from 1,300 to 1,150 euros.


While 'the long-term framework of structural technological domination' in the semiconductor industry seems 'fully preserved', Oddo BHF nevertheless points to a 'less favorable' recent newsflow, reducing visibility for 2025, 'even if the group maintains its talk of a year of strong growth for 2025, with a guidance of 30/40 MdE as broad as ever.

Over the past three months, the stock has fallen by over 30%, among the steepest declines in the sector.

As a result, ASML's absolute valuation at 20x forward-looking 12-month EBITDA is close to its 2022 low, i.e. a valuation that is 'really very attractive as this is just a readjustment of the 2025 outlook (which we believe) and not a structural problem'.

We expect the Group to confirm and tighten its targets for both 2025 and 2030 at the CMD on November 14", concludes the broker.


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