ASML : Bernstein remains its Buy rating - marketscreener.com

ASML maintains its buy rating from Bernstein, reflecting market recognition of the company's leading position in semiconductor manufacturing equipment. As the global leader in EUV lithography, ASML ho... Read original →

Bernstein’s sustained 'Buy' rating on ASML underscores how its EUV lithography dominance has evolved into a structural moat. Technologically, EUV is non-substitutable for sub-3nm nodes, tightly coupling ASML’s shipment cadence with advanced fab expansions in Taiwan, China and South Korea, while forcing upstream materials and inspection tools to co-evolve. On compliance, although U.S. export controls haven’t banned EUV sales to China outright, licensing delays and geopolitical scrutiny are inflating ASML’s global delivery costs and prompting customers to diversify risk. With Nikon and Canon unable to surmount EUV’s physics barriers, Chinese foundries are doubling down on DUV—ironically strengthening ASML’s pricing power in mature nodes. Over the next 12–24 months, rising global capex and China’s accelerated equipment localization will create dual demand: constrained high-end access and aggressive mid-tier capacity build-out. This dynamic will expand ASML’s installed base, driving high-margin service and upgrade revenues—a self-reinforcing long-tail effect.