Argus keeps a Buy rating and $850 price target on ASML while naming the stock as one of the firm’s 2024 Top Picks. The company should benefit from accelerating demand for its advanced tools for memory and logic applications from major semiconductor and foundry customers, the analyst tells investors in a research note, adding that prohibitions on advanced technology sales to China are being reallocated worldwide, reflecting increasing global demand for onshore semiconductor manufacturing capacity as a component of national security.
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