ASML: Q2 Pulled The Earnings Story Forward

I maintain a Buy rating on ASML Holdings and raise my price target from $2173 to $2510.

ASML’s 2026 outlook lifts the revenue guidance midpoint from €38 billion to €44 billion and the gross margin midpoint from 52% to 55%.

I now estimate 2026 EPS of approximately €38 and 2027 EPS of €42.40, supported by EUV, DUV, High NA, and Installed Base Management growth.

I arrive at my price target by applying a 51x FWD non-GAAP P/E multiple to 2027 estimated EPS of €42.40.

The main risks remain capex delays, export controls, and slower High NA adoption.

I'm maintaining my Buy rating on ASML Holdings (ASML).

But also, I am raising my price target from $2173 to $2510.

Based on the current price of $1775 per share, the revised target implies about 41% upside