Bernstein lowered the firm’s price target on ASML to $664 from $785 and keeps a Market Perform rating on the shares. The firm notes ASML delivered Q3 results mostly in line with guidance and expectations, although orders disappointed coming in at EUR 2.6B, landing the backlog at EUR 35B. Strong China demand continued and made up 46% of Q3 revenues. There were signs of recovery in logic utilization, while memory remained lower, Bernstein adds.
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