On Friday, Credit Suisse raised the price target for ASML from 540.00 to 630.00 euro with an unchanged Outperform advice. The analysts increased their turnover tax for this year by 2 percent and that for earnings per share by 5 percent. For 2022, they rose by 7% and 10% respectively and by 11% and 13% respectively for 2025, “thanks to an acceleration of customer demand in the foundry/logic segment and a sustained recovery in DRAM”.

According to the bank, this year ASML will earn 10.40 euros per share and in 2023 this increased to 15.75 euros. Previously, Credit Suisse assumed for 2023 14.25 euros per share.

In addition, Credit Suisse remains confident in the long-term potential of EUV.

However, the analysts acknowledge that a price gain ratio of 29 in 2025 “is not cheap, but justified given the monopoly position and structural growth trends”.

On Friday, Credit Suisse raised the price target for Asmi from 265.00 to 315.00 euro with an unchanged Outperform advice.

The analysts of the Swiss bank see several drivers for the continued growth story of ASMI, such as the technology ALD which is increasingly necessary for smaller chips.

Credit Suisse stressed that between 2016 and 2020 Asmi grew much faster than the market, with a growth of 126 percent compared to a market growth of 73 percent. “And we expect this trend to continue.”

The analysts increased their sales taxations for the coming years by 4 to 5 percent and those for EBIT by 5 to 7 percent. With the new estimates, Credit Suisse is 10 percent above the consensus for EBIT this year and even 21 and 31 percent above those for 2022 and 2023.

The ASMI share fell 1.4 percent to 260.70 euros on Friday.

 

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