ASML : A technological domination story like this is neither ‘free’ nor linear – Buy rating maintained, target price raised to € 320 from € 290
>Buy rating maintained after ASML’s Q4 2019 results - Following the group’s Q4 2019 results, which were broadly in line, but with a fresh marked increase in R&D spending (hires) and lower-than-expected guidance for the Q1 2020 gross margin (unfavourable systems mix and EUV services gross margin still negative and diluting the group’s overall gross margin by 2 points in 2019), we are maintaining our Buy rating (link to our initial reaction). The confirmed ramp-up of EU...ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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