Evercore ISI analyst Matthew Prisco lowered the firm’s price target on ASML to EUR 725 from EUR 850 and keeps an Outperform rating on the shares. Heading into Q3 earnings for the semiconductor and semiconductor equipment group, the firm believes a return to outperformance will remain difficult in the near-term given concerns regarding gradual China and consumer recovery, auto demand potentially rolling, and possible AI overbuilding and recommends “picking your spots carefully.” However, longer-term, Evercore sees semis returning to year-over-year growth sometime in Q4 and says that the past four cycles suggest about 24 months of year-over-year growth thereafter.
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