ASML Holding NV (NASDAQ: ASML) shares gained around 2% intra-day on Monday after Mizuho upgraded the stock to Outperform from Neutral and raised its price target to EUR 930.
The firm said it expected ASML’s earnings per share to increase 6% year-on-year in 2026 and 21% in 2027, supported by robust wafer fab equipment spending from TSMC, higher DRAM investments, stable demand from Intel, and steady contributions from China.
Mizuho projected stronger-than-expected demand for extreme ultraviolet (EUV) lithography tools, driven by Samsung’s technology migration and capacity expansion, as well as Intel’s 18A CPU production and upcoming 14A R&D capacity rollout in late 2026. Intel’s potential foundry partnerships with Apple and Nvidia were also cited as growth drivers.
Additionally, China’s wafer fab equipment market was expected to grow 13% in 2026 amid DRAM expansion, logic advancement, and AI localization trends. ASML’s China business was projected to rise 4% that year.
