ASML Holding NV (NASDAQ:ASML) is one of the top AI stocks to buy according to billionaire Philippe Laffont.
On June 30, Susquehanna reiterated a Positive rating on ASML Holding NV (NASDAQ: ASML) and raised the price target to €2,350 from €1,475
Photo by Microsoft 365 on Unsplash The positive stance and price target hike follow channel checks that affirm an upward revision in ASML Holding’s Supply Chain Equipment order backlog, which now extends to one year. Earlier in the year, the company reiterated that its order backlog stood at €38.8 billion. The massive order backlog stems from the company being the only maker of EUV lithography systems, which are essential for creating the tiny circuitry of advanced chips.
The company remains well-positioned to capitalize on the wafer fabrication equipment market, which is expected to reach $250 billion by 2028. According to Susquehanna analyst Mehdi Hosseini, ASML’s backlog strength should be clear in the upcoming July earnings season. Meanwhile, BofA analyst Didier Scemama reiterated a Buy rating on ASML and hiked the price target to €1,921 from €1,710 on June 4.