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Investing.com - Mizuho upgraded ASML Holding NV (NASDAQ:ASML) from Neutral to Outperform on Monday, raising its price target to EUR930.00 from EUR650.00.
The upgrade reflects Mizuho’s expectation that ASML’s earnings per share will grow 6% year-over-year in 2026 and 21% in 2027. This growth projection is driven by strong wafer fabrication equipment spending from TSMC, rising DRAM equipment spending, stabilized spending from Intel, and a positive outlook for China’s equipment spending.
Mizuho forecasts increased extreme ultraviolet (EUV) lithography demand into 2026 and 2027, citing better-than-expected outlook from Samsung and Intel. The firm specifically notes Samsung’s technology migration and capacity expansion for 1c DRAM and N2 logic, along with equipment installation plans for its U.S. Taylor fabrication facility.
Intel’s capital expenditure is expected to stabilize in 2026 with consistent EUV demand continuing through 2027. Mizuho points to Intel’s 18A capacity expansion for internal CPU products persisting into 2026, with EUV installation for 14A research and development capacity anticipated from the second half of 2026.
The research firm also projects China’s wafer fabrication equipment market to grow 13% year-over-year in 2026, driven by more aggressive capacity expansion plans for DRAM and advanced logic nodes alongside artificial intelligence localization trends. Mizuho estimates ASML’s China business will grow 4% year-over-year in 2026.
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