Berenberg Sees 'Strong' Demand Visibility for ASML Through 2028

01:02 AM EDT, 09/10/2026 (MT Newswires) -- Berenberg anticipates robust demand visibility for ASML (ASML.AS) into 2027 and 2028 amid continued "very strong" demand for semiconductor equipment. "This demand is supported by robust TSMC investment, a recovery in [Samsung Electronics (SMSN.L)] and Intel [INL.F] spending, and continued capacity expansion by memory manufacturers. ASML stated in its recent earnings call in July that it expects to increase low numerical aperture (low-NA) EUV capacity by around 30% versus 2026 levels in 2027, followed by another c30% increase in 2028. In our view, this expansion provides strong visibility on the demand outlook over the next two years. Importantly, if customer commitments increase further, we believe ASML still has sufficient lead time to raise capacity beyond its current plans, providing additional upside to the existing planned output," according to a Wednesday note focused on the semiconductor equipment sector. The research firm added that it sees "no meaningful competitive risk" from China's domestic lithography efforts unless export controls restrict the Dutch chip equipment manufacturer from exporting its less-advanced deep ultraviolet lithography tools. Against this backdrop, analysts maintain their buy rating and price target of 2,100 euros on the stock.