Multiple Wall Street investment banks have maintained bullish ratings on ASML, with analysts noting there remains upside potential for upward revisions to the firm’s future orders and revenue forecasts.

After ASML posted strong results in its latest earnings report and raised its guidance, multiple Wall Street firms have maintained optimistic outlooks, noting that the lithography giant remains one of the most critical equipment suppliers in the AI semiconductor expansion cycle. Bernstein kept an Outperform rating on ASML, with a target price of $2,623. The firm said ASML’s order momentum and customer demand remain robust, particularly for advanced processes, AI accelerators, HBM-related logic chips, and high-end wafer fab expansions—factors that continue to support demand for EUV and advanced lithography systems. Jefferies, UBS, Citigroup, Cantor, and other institutions also offered positive takes on ASML’s guidance. Some analysts argue the company’s current production capacity planning is still conservative. If TSMC, Samsung, Intel, and memory makers continue locking in capacity in advance for AI demand between 2027 and 2028, ASML’s subsequent order and revenue expectations still have room for upward revision. Market focus has shifted from "whether AI demand exists" to "whether production capacity can keep pace".