ASML to close 2016 on a high note, yet shares remain overvalued relative to our fair value estimate.
ASML reported second-quarter results that were in line with our estimates as strong system sales to Intel drove impressive sequential top-line growth. These lithography systems are most likely in support of Intel’s 10-nanometer efforts, which we expect to ramp in 2017. The firm’s extreme ultraviolet lithography progress is also coming along nicely, as its productivity target of 1,500 wafers per day was nearly reached at an ASML site, while its availability target of 80% has been achieved on five...
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