(News Bulletin 247) – Oddo BHF maintains its outperformance rating on the ASML share, with a price target lowered from 870 to 830 euros.
The analysis office reports that while ASML published Q1 23 results above expectations and reiterated its 2023 guidance (growth of more than 25%), the level of orders disappointed, at 3.8 billion euros when the consensus was expecting on 5.6 billion euros.
The stock lost more than 3%, penalized by fears of prolonged weakness in orders, which would impact 2024 as well. ‘However, we remain optimistic and believe that these adjustments will be short-lived and will not impact ASML’s long-term history’, indicates the broker.
In this context, the analyst leaves his 2023 forecasts almost unchanged (+0.6%) but is revising 2024 by 9% out of caution, bringing his growth forecast to +13% vs. +20% previously.
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