ASML : ‘Intel theme’ goes from being an uncertainty to an upside on 2021 – the structural story is intact - Buy rating maintained
>Buy rating reiterated - Following ASML’s clearly better than expected Q3 2020 results and its positive comments on Q4, we maintain our Buy rating (initial reaction). Admittedly, the 2021 guidance for EUV growth of “only 20%”, i.e. sales of around € 5.4bn, is lower than anticipated (the consensus was expecting 45 to 50 systems for sales of around € 6.4bn). This results from Intel’s delayed transition to 7nm, with the group cancelling a number of deliverable orders for...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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