This Megacap Chip Stock Has Added Nearly $331B To Its Market Cap This Year — Why BofA Sees A Further Upside Of 22%

• BofA cited higher EUV unit forecasts and increasing confidence in the company's earnings power through 2028.
• The firm said it expects ASML's order book to be fully booked for 2027 by the time the company reports second-quarter results on July 15.
• Wells Fargo lifted its price target on ASML to $2,200 from $1,750, while keeping an ‘Overweight’ rating.

ASML Holding NV (ASML) has added nearly $331 billion to its market capitalization in 2026 so far, but Wall Street expects the stock to rise further this year.

According to TheFly, BofA analysts raised their price target for ASML to $2,345 from $2,268 on Monday, while maintaining a ‘Buy’ rating. The new price target implies a 22% upside potential from the closing price of ASML shares on Thursday.

ASML shares were up nearly 1% in Monday’s pre-market trade and were among the top trending tickers on Stocktwits at the time of writing.

Why Is Wall Street Turning More Bullish On ASML?

Analysts are becoming more bullish on ASML as demand for its extreme ultraviolet (EUV) lithography systems continues to support long-term earnings growth.

BofA cited higher EUV unit forecasts and increasing confidence in the company's earnings power through 2028 for its price target hike. The firm said it expects ASML's order book to be fully booked for 2027 by the time the company reports second-quarter results on July 15, a development that could shift investor focus toward 2028 earnings expectations.

Wells Fargo also lifted its price target on ASML, raising it to $2,200 from $1,750, while keeping an ‘Overweight’ rating. Analyst Joe Quatrochi said the firm expects another quarter of positive results in the semiconductor capital equipment industry, reinforcing confidence in demand trends among leading chip equipment makers.

ASML Denies Selling EUV Chipmaking Tool To China

ASML denied reports that it sold an EUV chipmaking tool to China, addressing concerns from U.S. officials.

“ASML has never ​shipped an EUV machine to China nor have we shipped to China any component, ​module or equipment specially designed to be used in an EUV machine,” the firm told Reuters last week.

This comes after a Bloomberg report stated that Commerce Secretary Howard Lutnick expressed his concerns to ASML leadership in a series of meetings.

ASML’s EUV systems are used by chipmaking giants such as Taiwan Semiconductor Manufacturing Co. (TSM), which manufactures chips for Nvidia Corp. (NVDA), Apple Inc. (AAPL), and others.

What Retail Investors Think Of ASML Stock

Retail sentiment on Stocktwits around ASML trended in the ‘neutral’ territory at the time of writing, with message volumes at ‘high’ levels.

One user stated that they are willing to sit through volatility because the long-term demand story continues to make sense to them.

ASML stock is up 80% year-to-date and 155% over the past 12 months. The iShares Semiconductor ETF (SOXX) is up 182% over the past 12 months, while the Global X Artificial Intelligence & Technology ETF (AIQ) is up 60%.

The Invesco QQQ Trust (QQQ) is up 40% during this period.

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