Analyst Ratings January 28, 2026

Jefferies Lifts ASML Price Target to €1,260 After Robust Q4 Orders, Keeps Hold Rating

Analyst raises valuation on strong order intake while flagging potential valuation peak amid heavy 2027 shipment schedule

By Marcus Reed ASML
Jefferies Lifts ASML Price Target to €1,260 After Robust Q4 Orders, Keeps Hold Rating
ASML

Jefferies increased its price target for ASML to €1,260 from €1,020 but retained a Hold rating after the chip-equipment maker reported unusually large Q4-25 orders. The upgrade follows record bookings and strong quarterly revenue, though much of the new backlog is slated for shipment in 2027 and analysts warn valuations may be challenged by the timing of growth.

Key Points

  • Jefferies raised its ASML price target to €1,260 from €1,020 and kept a Hold rating.
  • ASML reported Q4-25 revenue of €9.7 billion and record orders of roughly €13.1 billion, with EUV orders of €7.4 billion.
  • Other analysts adjusted targets upward or reaffirmed positive ratings - including TD Cowen, Evercore ISI, Wolfe Research, JPMorgan and BofA Securities - reflecting confidence in near-term performance.

Jefferies has raised its price target on ASML Holding NV to €1,260.00 from €1,020.00 while keeping a Hold recommendation on the semiconductor equipment manufacturer. At the time of the analyst action ASML was trading at $1,424.40, roughly 0.97% below its 52-week high of $1,473.59.

The change in Jefferies' target follows ASML's pronounced Q4-25 order intake of €13.2 billion, which the firm described as "massive." Jefferies noted that the majority of these orders are planned for shipment in 2027. That backlog underpinned ASML's recent revenue strength, with the company reporting a 22.77% increase in revenue over the past twelve months.

Jefferies highlighted two customer behaviors evident in the order flow: buyers are placing orders well in advance, and there is an implied concern among customers about potential supply constraints at ASML. The firm interprets early ordering as a response to cleanrooms coming online and to customers seeking to secure equipment ahead of possible capacity limitations.

Despite acknowledging the strong order momentum and the favorable revenue trajectory, Jefferies cautioned that valuations may reach peaks when order strength is unusually high. The firm suggested this dynamic could translate into more measured medium-term share price appreciation, contingent on the company's expected growth in 2027.

Jefferies elected to maintain its Hold rating on ASML stock, signaling a cautious posture even as it raised the price target to reflect the larger backlog and later delivery schedule.

ASML also released detailed fourth-quarter results showing revenue of €9.7 billion - a 5% increase year-over-year and a 29% rise quarter-over-quarter - topping the consensus estimate of €9.6 billion. The company reported record orders of €13.1 billion, a 144% increase from the prior quarter and 89% above expectations. Orders for extreme ultraviolet (EUV) systems reached €7.4 billion, up 105% quarter-over-quarter.

Management provided guidance for 2026 that projects a 12% increase in revenue to a midpoint of €36.5 billion, compared with consensus expectations of €35.2 billion. The optimistic outlook and the Q4 order jump prompted several firms to adjust their views or targets.

In response to ASML's results and outlook, TD Cowen raised its price target to €1,500 and maintained a Buy rating. Evercore ISI kept an Outperform rating with a €1,300 target. Wolfe Research reiterated an Outperform stance with a €1,400 target. JPMorgan reiterated an Overweight rating and set a price target of $1,518. BofA Securities maintained a Buy rating with a €1,454 target. These analyst actions reflect confidence in ASML's financial performance and prospects, even as some firms balance enthusiasm with caution on valuation timing.


Summary of facts presented in this report is limited to information disclosed by analysts and ASML in their recent communications and filings. The article does not add or infer additional outcomes beyond those stated by the company and the cited analysts.

Risks

  • A large portion of the new order backlog is scheduled for shipment in 2027, creating timing risk for revenue and earnings recognition - this impacts semiconductor equipment manufacturing and capital goods sectors.
  • Jefferies warned that valuations could peak during periods of exceptionally strong order intake, which may limit medium-term share price gains - this is a market risk for equity investors in semiconductors and related suppliers.
  • Customers ordering far in advance due to concerns about supply constraints could reflect near-term procurement distortions rather than steady organic demand, affecting supply chain and inventory planning across the semiconductor ecosystem.

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