ASML downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Lee Simpson downgraded ASML to Equal Weight from Overweight with a price target of EUR 800, down from EUR 925. The analyst sees a balanced risk/reward for the shares given “late cycle share price dynamics.” ASML’s risks include weak Intel capacity adds, a slowing DRAM cycle in 2025 and ongoing uncertainties surrounding China demand, the analyst tells investors in a research note. In Europe, Morgan Stanley sees semis capital equipment names such as ASML exposed to a spending slowdown.