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Maintaining Buy on ASML Holding NV Amid Export Restrictions: Scemama’s Optimistic Valuation Despite Risks
Jason Carr
Jul 22, 2024, 10:57 AM
Analyst Didier Scemama from Bank of America Securities maintained a Buy rating on ASML Holding NV (0QB8 – Research Report) and keeping the price target at €1,302.00.
Didier Scemama has given his Buy rating due to a combination of factors including the potential financial impact of export restrictions to China and the current valuation of ASML Holding NV. Scemama’s analysis acknowledges the risk of U.S. restrictions on ASML’s China operations, which could reduce the company’s EBIT by 3% to 30%. He suggests that the market has already factored in a significant likelihood of a complete DUV ban, which he considers to be an overly pessimistic scenario. Despite these concerns, Scemama maintains a Buy rating, viewing the current share price as an attractive entry point for investors ahead of the company’s Capital Markets Day in November.
Furthermore, Scemama explores scenarios varying from a full ban on certain products and services in China to a complete ban on all products. His estimations of the financial impact take into account potential mitigating factors, such as the ability to recoup lost revenue in other regions. Moreover, he notes that severe restrictions could disrupt global supply chains, potentially benefiting European semiconductor producers. Scemama’s valuation reflects confidence in ASML’s fundamentals and future performance, positioning the stock as a top pick with a significant upside potential from its current market price to his price objective.
In another report released today, Bernstein also maintained a Buy rating on the stock with a €980.00 price target.