- U.S.-traded shares of chip equipment company ASML (NASDAQ:ASML) drop 3% after a pair of downgrades.
- UBS downgrades the Amsterdam-listed shares from Buy to Neutral, struggling to see a "compelling upside" to ASML's shares on a 12-month view due to the recent re-rating.
- Despite the uncertainty around 2021 EUV shipments, the firm still sees ASML in the middle of a multi-year growth cycle, driven by EUV layers growth in Logic and DRAM.
- UBS raises ASML's price target to €340 from €300.
- Bernstein lowers ASML ADRs to Market Perform with a $322 price target, a 14% downside.
- Post updated to correct last bullet to downside rather than upside.