Berenberg Keeps ASML at Buy After 'Solid' Q3 Results

08:12 AM EDT, 10/15/2026 (MT Newswires) -- Berenberg reaffirmed its buy rating on ASML (ASML.AS) after the Dutch semiconductor equipment maker's "solid" third-quarter results that came in "largely in line" with expectations. "ASML tightened its 2026 guidance, with revenue raised to EUR44bn-45bn from EUR43bn-45bn, while gross margin guidance increased to c56% from 54-56%. In our view, while investors were already expecting EUR45bn in revenue for 2026, the updated gross margin guidance was slightly higher than anticipated," analysts said in a note published Thursday, noting improved long-term visibility amid interest from the company's customers in placing orders for 2029 and 2030. The research firm also expects industry dynamics to show sustained strength on the back of increased demand for capacity expansion from various customers. Against this backdrop, sales and EPS estimates for 2026 through 2028 were upwardly revised. "However, wafer fab equipment (WFE) expectations are already elevated for both 2027 and 2028. Given that investors are heavily focused on long-term visibility and the duration of semiconductor capex spending, securing longer-term commitments from customers is likely to support a re-rating of the semiconductor equipment sector," Berenberg added. The stock's price target of 2,100 euros was maintained.