AMSTERDAM, Jan 5, 2026, 16:32 CET
- ASML hit fresh highs after Bernstein upgraded the stock and lifted its price target to 1,300 euros
- Bernstein said investors are underestimating a coming upswing in DRAM, a core memory chip used in servers
- The call adds to a broader rally in semiconductor equipment tied to AI-driven data-center investment
ASML shares touched a new record on Monday after Bernstein upgraded the Dutch chipmaking equipment maker, pushing its price target sharply higher and extending a run that has turned the stock into one of Europe’s standout technology winners.
The upgrade matters now because the next leg of the AI buildout is shifting from compute to memory and manufacturing capacity, raising the stakes for the companies that sell the tools chipmakers need to expand.
For ASML, that link is direct. When chipmakers increase capital spending to make more advanced logic chips and higher-end server memory, demand tends to rise for lithography machines — the systems that “print” chip patterns onto silicon wafers.
Bernstein upgraded ASML to “outperform” from “market perform” and raised its price target to 1,300 euros from 800 euros, Reuters reported. Reuters
Bernstein analyst David Dai said 2026 and 2027 look like “big years for EUV and for ASML,” referring to extreme ultraviolet lithography, the company’s most advanced toolset. 1
EUV uses extremely short-wavelength light to etch finer chip features, a key step in making cutting-edge processors. ASML dominates that segment, while rivals such as Nikon and Canon compete mainly in older lithography systems.
Dai argued the market has focused too heavily on demand for logic chips, while underpricing the impact of a coming DRAM upcycle. DRAM is a type of memory chip used heavily in AI servers, and Bernstein said the top producers are expanding capacity and moving to more complex manufacturing “nodes” — shrinking chip designs — that require more lithography steps.
MarketWatch said ASML’s U.S.-listed shares climbed about 5% on Monday and were up roughly 59% over the past year, after Bernstein lifted its price target to $1,528 (1,300 euros). That target sits above the average analyst target of about $1,240, the report said, citing FactSet. 2
The upgrade also fed into gains across European chip equipment names, with investors looking for beneficiaries of higher data-center investment and a rebound in memory spending, which can be volatile but powerful when it turns.
