Same old story, new expensive chips
Jefferies didn’t exactly swing for the fences here. It reiterated a Hold on ASML Holding NV and kept its €1,260 price target intact — the kind of call that says, “Nice progress, but maybe don’t start naming your yacht yet.”
Why it matters
For investors, the bigger backdrop is that ASML has already been busy this week digesting a strong first quarter. The company posted €8.8 billion in net sales, landed at a 53% gross margin, and lifted full-year revenue guidance to €36 billion to €40 billion from €34 billion to €39 billion. So the Jefferies note lands more like a temperature check than a new thesis.
The market’s mood swing problem
That mix can be annoying if you’re a shareholder: the company beats, raises guidance, and still gets the financial equivalent of a polite golf clap. Analysts often wait for a little more clarity on order trends, margins, or demand durability before upgrading a stock like ASML, especially when the valuation already assumes a lot of future chip-making glory.
Big picture
ASML is still the toll booth on advanced semiconductor manufacturing — if AI and cutting-edge chips keep booming, it stays central to the story. But this note says the Street isn’t ready to throw confetti just yet.