ASML Stock: Why Analysts Love This Chipmaker Despite the Dip

TLDR

• Kate McShane from Goldman Sachs reaffirms Buy rating on ASML stock following December 16 roadshow analysis
• Memory market constraints and AI infrastructure build-out drive sustained lithography equipment demand into 2026
• EUV layer expansion temporarily halted at gate-all-around node but poised for acceleration after transition
• Stock fell 4-5% to 881-882 euros on December 18 from 923-924 euros previous day with no negative catalysts
• Analysts maintain positive outlook with consensus price targets above current levels despite short-term pullback

Goldman Sachs kept its Buy rating on ASML Holding NV shares after a December 16 investor roadshow. Analyst Kate McShane cited multiple factors supporting the Dutch chipmaking equipment maker.

ASML Holding N.V., ASML

The memory sector is experiencing supply tightness. This creates strong demand for ASML’s lithography systems. That demand should extend through next year.

AI computing infrastructure represents another tailwind. Growth in this area requires advanced semiconductor manufacturing. But full expansion needs firmer customer commitments.

Extreme Ultraviolet lithography has hit a temporary pause. The slowdown occurs at the gate-all-around node transition. Once that shift completes, layer growth should pick up speed again.

Multiple Catalysts Line Up for 2026

McShane sees several growth drivers taking shape for 2026. EUV technology continues advancing with new capabilities. Tool upgrade cycles add another revenue stream.

Customer interest is increasing across the board. These elements combine to create upside potential. McShane tracks Consumer Cyclical stocks and has a 59.30% success rate with 5.3% average returns.

Cantor Fitzgerald joined Goldman with a Buy rating on December 16. The firm set a €1,300 price target.

Recent Price Action Shows Consolidation

ASML traded around 881-882 euros on December 18. That’s down from 923-924 euros the day before. The decline totaled roughly 4-5% over two days.

Intraday swings ranged between 868-886 euros. The volatility reflects broader market movement rather than company news.

No fresh regulatory filings appeared in the last 24 hours. Earnings updates and press releases were absent too. The most recent major coverage came in November when analysts flagged ASML’s EUV and AI exposure.

Analyst forecasts through December 17-18 remain positive. Revenue and earnings projections link to AI spending and advanced chip production. No new downgrades or upgrades hit the tape on December 18.

The stock climbed steadily for months on AI capital spending expectations. High-NA EUV demand reinforced the rally. That run left shares vulnerable to profit-taking.

Consensus targets still sit above current prices. Most analysts rate the stock buy or overweight. The dip appears to be consolidation rather than a fundamental shift.

Near-term price movement will track semiconductor sector flows. Mega-cap tech sentiment also plays a role. December 18 trading showed elevated volatility compared to recent sessions with wider intraday ranges testing both support and resistance levels.

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