(Bloomberg) — Hot on the heels of becoming Europe’s second-largest company by market value, ASML Holding NV got a fresh boost as Bank of America Corp. raised its price target to a level above all peers.
Most Read from Bloomberg
The shares have potential to rise a further 35% from current levels due to the semiconductor equipment maker’s key role in the artificial intelligence boom, BofA analyst Didier Scemama wrote in a note. He raised his target to €1,302, the highest among 40 analysts tracked by Bloomberg.
Scemama expects the Dutch company to book revenue of €40 billion ($43.5 billion) next year, a figure that’s at top end of ASML’s guidance range. He sees a rising need for the firm’s high-end lithography tools as chipmakers build faster and more powerful chips for servers and data centers dedicated to run AI algorithms.
Read: ASML to Ship Its $380 Million Chip Machine to TSMC This Year
ASML shares rose as much as 3% on Thursday, hitting a record high of €972 amid a second day of broad gains in technology stocks. That took its market capitalization to more than €385 billion, keeping it ahead of luxury-goods group LVMH, which it surpassed on Wednesday.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
