Bernstein Lifts ASML Price Target 33 Percent on AI Chip Demand
Bernstein materially raised its forecasts for ASML on Monday, lifting its price target on the US-listed shares to $2,623 from $1,971 and reiterating an outperform rating. Analyst David Dai pointed to what he called an unprecedented AI-driven expansion in both advanced logic and DRAM capacity, with high numerical aperture EUV likely adopted first in DRAM because exposure costs are lower there than for logic.
The Veldhoven company is the sole supplier of HNA EUV lithography, the technology used to pattern the memory chips (DRAM and high-bandwidth memory) that feed AI models. CNBC notes the stock has more than doubled over the past year and rose in Monday premarket trading after the note. Bernstein now models 91 EUV system shipments in 2027 and 113 in 2028, up from prior forecasts of 86 and 87.
For the Netherlands the read is double-edged. ASML's AI-cycle exposure keeps pulling the national champion's valuation, and Dutch semiconductor policy, deeper into the global AI capex story. Watch the upcoming investor update and the 2027 EUV shipment cadence: Bernstein's thesis assumes memory makers actually place those HNA orders.