JPMorgan has held to an Overweight rating for ASML with a price target of $1,518, underscoring the chip-equipment maker's strong order momentum. The firm highlighted fourth-quarter 2025 order intake that materially exceeded expectations and signaled scope for meaningful estimate revisions in subsequent years.
ASML's share price is trading at $1,454.59 - roughly 0.99% below its 52-week high - and carries a price-to-earnings ratio of 53.19, according to InvestingPro data, which the bank notes may place the stock above its Fair Value.
The company reported fourth-quarter 2025 bookings of c13.2 billion, a result that topped JPMorgan's internal projection by 88% and rose 93.6% above consensus forecasts. That level of order intake was cited by the bank as a key driver for its continued positive stance, as it implies stronger demand beyond the current fiscal year.
For fiscal 2026, ASML provided sales guidance in a range described as c34-30 billion. JPMorgan highlighted that the midpoint of that band, c36.5 billion, represents an 11.7% increase year-over-year and sits 3.5% above consensus. While the FY26 outlook itself is constructive, the investment bank emphasized that the exceptional bookings imply FY27 could be materially stronger, prompting expectations for significant upward estimate revisions.
JPMorgan's view frames ASML as being in a multi-year up-cycle, with potential for analyst estimates to be lifted across 2026, 2027, and 2028. The bank anticipates the largest percentage upgrades to occur in 2027 and 2028, where it expects double-digit increases to consensus forecasts.
Separately, ASML reported record net revenue of c9.7 billion for the fourth quarter of 2025. That quarterly revenue figure was 5% higher than the year-ago quarter and represented a 29% rise from the prior quarter. On a full-year basis, ASML's revenue increased 16% from the previous fiscal year. Revenue for the quarter included the recognition of two High-NA systems, and bookings reached c13.2 billion - a level the company noted was 89% above consensus expectations of c7.0 billion.
Market observers also noted that BofA Securities maintained a Buy rating on ASML, with an unchanged price target of c1,454, signaling continued analyst confidence in the company's competitive position and growth prospects.
Taken together, the combination of record revenue, exceptionally strong bookings, and reiterated analyst support underscores robust demand for ASML's systems. At the same time, valuation metrics cited by third-party data services point to questions around the stock's premium relative to fair value, creating a countervailing consideration for investors.
Contextual note: The data points and analyst positions described here reflect reported company figures and public analyst ratings referenced above.