ASML - 1 Wall Street Analyst Thinks ASML Stock Is Going to $1000. Is It a Buy Around $872?
2024-04-27 10:10:00 ET
Until very recently, it seemed that ASML (NASDAQ: ASML) stock would continue to defy gravity. Investors kept piling into the stock of the semiconductor equipment specialist as they thought it would ride the hot technology of our day -- artificial intelligence (AI) -- to ever-greater heights.
But then came the company's first-quarter earnings report in mid-April. Currently in the midst of a strategic transition, ASML reported a double-digit plunge in both revenue and per-share earnings. That once high-flying stock began to dive, and it hasn't yet regained altitude. Yet analysts tracking its fortunes continue to believe in it; one bull can foresee it gaining nearly 15% in price when it starts flying again.
That analyst is Jim Kelleher of Argus, who weighed in on ASML several days after the company posted those at-first-glance disappointing quarterly figures . Undaunted, Kelleher reiterated his buy recommendation on the highly specialized chip stock and $1,000 price target, which implies the double-digit upside mentioned above.
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1 Wall Street Analyst Thinks ASML Stock Is Going to $1,000. Is It a Buy Around $872?