ASML Affordable stock in a less costly sector, valuation update
In our last note we highlighted that ASML was relative cheap in a costly sector. Over the past months multiples in the sector contracted and the premium of ASML increased. Nevertheless, is the premium of ASML still relative low. Therefore, we expect that ASML will outperform the sector. Furthermore, we see upside based on 2025 multiples and our DCF based valuation is in line with the current valuation. We increase our rating from Hold to Accumulate as we expect ASML to outperform the sector and see upside on 2 out of 3 valuation metrics. However, we reduce our Target Price from € 920 to € 850 ...