Investing.com UK - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

ASML Holdings cut at Bernstein on softening demand

AuthorSam Boughedda
Published 28/07/2023, 15:36
© Reuters.
ASML
-
ASML
-

ASML Holdings (AS:ASML) was cut to Market-Perform at Bernstein on Friday, with analysts lowering the price target to $785 from $810 per share.

The analysts told investors in a note that the downgrade is based on softening demand for 2023 and into 2024.

"We continue to like the fundamentals and growth" for ASML, they said. "However, we believe the risk from softening demand for leading-edge logic/foundry and ongoing memory weakness now outweighs the upside."

"Despite a backlog of EUR 38B, ASML saw a softening of demand and increasing customer caution based on the potential for a more prolonged cyclical downturn," the analysts added.

They explained that the strong pull-forward of DUV demand in 2023 — especially from China — combined with weakness in EUV orders resulted in the firm stepping to the sidelines and downgrading ASML.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.