ASML Holding shares have more than doubled over the past 12 months, yet Bernstein believes the rally is far from over.
The investment bank reiterated its outperform rating on the Dutch lithography giant and raised its price target, signaling confidence that the stock has further room to run despite its recent performance.
The upgrade underscores persistent bullish sentiment among Wall Street analysts regarding the semiconductor equipment sector.
ASML remains the critical bottleneck in the global supply chain for advanced logic chips, holding a near-monopoly on extreme ultraviolet (EUV) lithography systems required for cutting-edge manufacturing.
As data center demand continues to drive capital expenditure cycles at major foundries, ASML’s order backlog provides a durable revenue floor.
This positive outlook for ASML contrasts with broader semiconductor sector volatility.