Oddo BHF reiterates its 'outperform' rating on ASML, with the price target raised from 900 to 1100 euros, representing an additional potential upside of 20%, in the wake of forecasts raised by 11% for 2025.

"Orders should remain buoyant over the coming quarters, which should gradually 'convince' the 2025 consensus to target the top end of the 30/40 billion euro sales range, whereas it has just returned to the middle of the range", it judges.

The research department acknowledges that the valuation of the Dutch equipment supplier to the chip industry may seem high, with a PE of 50 times for 2024, but notes that it is 30 times for 2025 and 27 times for 2026, due to expected growth.

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