Beyond Tariffs: Why Berenberg Still Sees a “Buy” in ASML’s Future

Berenberg recently lowered the price target on ASML Holding N.V. (NASDAQ:ASML) to EUR 740 from EUR 800 and kept a Buy rating on the shares. ASML makes and sells advanced semiconductor equipment systems.

In an investor note, the analyst told investors that the company’s Q1 results confirmed that the semi end-market dynamic was developing as expected, and artificial intelligence continued to be the main driver of semi end market demand.

Although ASML Holding N.V. (NASDAQ:ASML) acknowledged the near-term tariff uncertainty, the company maintained its 2025 revenue guidance, and expects 2026 to be another growth year, added the advisory.

A technician in a clean room working on a semiconductor device, illuminated by the machines.

The company recently reiterated its 2025 revenue guidance of €30 billion to €35 billion, with a gross margin expectation of 51%-53%. The full-year growth is expected to be supported by Logic and Memory demand, with AI-related applications being a leading growth driver. Q2 guidance projects net sales between €7.2 billion and €7.7 billion and a gross margin of 50%-53%.

While we acknowledge the potential of ASML, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than ASML but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

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