ASML upgraded to Neutral from Sell at Redburn Atlantic

Redburn Atlantic analyst Timm Schulze-Melander upgraded ASML to Neutral from Sell with a price target of EUR 900, up from EUR 660. The analyst says the early placement of deep ultraviolet and extreme ultraviolet orders for DRAM as well as for gate all around in logic-foundry means visibility and confidence in the cyclical recovery will dominate the ASML share price probably for much of this year. The firm says the artificial intelligence arms race in high bandwidth memory and GPUs resulted in a 253% quarter-over-aquert inflection in ASML’s Q4 orders, far better than it expected.