Why One Analyst Thinks ASML Is Worth $1,971

"Bernstein's price target for ASML has been raised to $1,971, reflecting confidence in the company's ability to capitalize on DRAM capacity expansion and strong demand for EUV machines. This target is significantly higher than the Street consensus of $1,469.35, indicating a bullish outlook on ASML's future performance."

"ASML's EUV systems revenue grew 39% year-over-year to $13.47 billion in 2025, driven by reduced cost per exposure that enables broader DRAM adoption. CEO Christophe Fouquet emphasized that memory customers are aggressively expanding capacity, which directly enhances ASML's revenue potential."

"The advanced memory and logic segments are experiencing growth rates exceeding 20% year-on-year, far surpassing the historical growth pace of 6-7%. ASML's record Q4 2025 order intake of $15.28 billion, including $8.60 billion in EUV orders, indicates strong demand and a substantial contracted backlog of $45.06 billion."

ASML Holding NV has gained 91% over the past year, with a year-to-date increase of 16%. Bernstein raised its price target for ASML to $1,971, significantly above the Street consensus of $1,469.35. The firm attributes this to DRAM capacity expansion and forecasts ASML will ship 44 EUV machines to DRAM customers by 2028. EUV systems revenue grew 39% year-over-year, driven by broader DRAM adoption. ASML's long-term revenue target is €44 billion to €60 billion, supported by a share buyback program and increased dividends.

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