BofA Raises ASML Price Target to $2,345, Implying 22% Upside
Claire Weston
Bank of America lifted its ASML price target to $2,345, implying roughly 22% upside, on the thesis that industrialized EUV lithography plus an AI-driven memory boom are pushing lithography equipment into a new super-cycle.
Why is BofA doubling down on ASML now?
BofA maintained its buy rating and raised the target to $2,345, about 22% above Thursday's close.
Analyst Didier Scemama argues ASML has industrialized next-generation EUV lithography — a technology that etches chip circuits with extreme-ultraviolet light at far higher precision than the prior generation.
This means → EUV has crossed from "works in the lab" to "runs in the factory," the inflection point where R&D spending starts converting into profit.
What are the two pillars of the bull case?
Pillar one: rising lithography intensity in DRAM. In plain terms = every new generation of memory chips requires more lithography steps, and each step needs an ASML machine.
Pillar two: AI demand plus a broader industry recovery. BofA sees potential for ASML to revise its 2030 revenue targets upward.
A current memory-supply shortage is accelerating equipment orders. ASML shares are up roughly 80% year-to-date.
Why is the Q2 earnings report a pivotal moment?
BofA expects ASML's July 15 Q2 results to reveal an order book filled through 2027.
This means → if confirmed, real orders — not forecasts — would prove this demand cycle is at least a three-year run, not a short-term spike.
This reflects the market's core question: not "Is ASML good?" but "How long does this boom last?" — the July 15 data is the answer.
Why is Wall Street in rare unanimous agreement?
Per LSEG data, all 19 analysts covering ASML rate it buy or strong buy. None hold a neutral or bearish view.
That level of consensus is extremely rare among large-cap tech and semiconductor names.
In plain terms = virtually no one on the Street is willing to dissent — when everyone is bullish, upward momentum is strong, but it also means any miss against expectations could trigger a sharp pullback.
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