Wells Fargo raised its ASML price target to $2,500 from $2,200, implying about 38% upside. The upgrade follows ASML's raised 2026 sales forecast of €43B-€45B and strong Q2 results that beat analyst estimates on both revenue and profit.
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Wells Fargo lifts ASML target to $2,500 on AI-driven demand outlook
Wells Fargo raised its price target on ASML Holding NV to $2,500 from $2,200, citing the Dutch chip-equipment maker's strengthened sales outlook as artificial intelligence investment drives demand for its advanced lithography machines.
The new target implies an upside of about 38% from ASML's closing price of $1,815.27 on the Nasdaq. Wells Fargo maintained its rating on the stock, the firm said Wednesday without disclosing the specific analyst behind the call.
ASML, the sole producer of extreme ultraviolet lithography machines needed to manufacture the world's most advanced semiconductors, this week raised its 2026 net sales forecast to between €43 billion and €45 billion, well above the €39.3 billion average analyst estimate compiled by Bloomberg. The company also lifted its full-year gross-margin forecast to as much as 56%, up from a previous estimate of as much as 53%.
The upgrade follows ASML's second-quarter results, which beat analyst expectations on both revenue and profit. The company reported net sales of €9.33 billion in the three months ended June 30, compared with the €8.85 billion consensus estimate, while net income reached €2.9 billion versus the €2.6 billion expected by analysts.
Chief Executive Officer Christophe Fouquet said customers are accelerating their expansion plans, creating demand for additional systems beginning this year. ASML plans to increase production capacity for its low-NA EUV machines to approximately 65 units this year, followed by a 30% increase in 2027, with another potential 30% expansion under consideration for 2028.
Chief Financial Officer Roger Dassen said long-term contracts containing minimum price and volume commitments suggest semiconductor supply constraints may persist for an extended period, providing ASML with greater visibility into future demand.
The raised price target from a major US bank adds to a growing consensus that ASML is a primary beneficiary of the AI infrastructure buildout. Taiwan Semiconductor Manufacturing Co., ASML's largest customer, reported a 36% increase in quarterly sales this week, while Intel has begun using ASML's most advanced High-NA machine for chip production.
ASML shares rose 3.9% to €1,617 in Amsterdam following the earnings release and guidance upgrade earlier this week. The stock has gained about 20% from its 52-week low in mid-May.
The upgraded target signals confidence that ASML's revenue trajectory will remain supported by AI-related semiconductor spending. Investors will watch for potential US export restrictions on equipment sales to China, a market expected to contribute approximately 20% of ASML's revenue this year, as a key risk to monitor.
This article is for informational purposes only and does not constitute investment advice.
[1] ASML Lifts 2026 Sales Outlook to 45 Billion, Expands EUV Capacity Plans - TradingView[2] Humana pops as Wells Fargo upgrades on moderating cost trends[3] Wells Fargo did enough to remain in our portfolio. What we liked about earnings[4] ASML forecasts 2026 net sales of €43B-€45B as it plans ~30% Low-NA EUV capacity increase for 2027
