ASML Raises Price Target to $1,971 on EUV Shipments, DRAM Capacity Expansion

ASML Holding NV's price target has been raised to $1,971 by Bernstein, who forecasts EUV shipments to DRAM customers will more than double from 18 units in 2025 to 44 units in 2028. EUV systems revenue grew 39% YoY to $13.47B in 2025, with Q4 record order intake of $15.28B including $8.60B in EUV orders. DRAM capacity expansion is driving memory makers to accelerate capital spending, positioning ASML as the irreplaceable supplier for AI infrastructure buildout.