ASML: Oddo BHF remains positive, but cuts TP

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on ASML shares, but reduces its target price for them from E1,150 to E950, following quarterly results marked by very disappointing orders and a revision of the 2025 guidance to the lower end of the range.


It points out that net order intake came to just E2.6bn, well below the E5.6bn consensus, and that ASML is now targeting sales of only E30bn/E35bn in 2025, compared with E30bn/E40bn previously.

The broker has reduced its 2025-26 forecasts by an average of 10%, but considers that the share is trading at 23x forward-looking (12m) EBITDA, compared with a 5-year average of 27x, which seems attractive for repositioning.


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