Wat zegt SNS?
“The semiconductor equipment cycle is turning positive again. Due to the relatively longer lead times and the critical importance of litho technology, ASML order intake tends to move ahead of the rest of the sector. Combined with the ‘lumpy’ nature of litho orders, we see potential for 11Q4 orders to beat consensus of EUR 650m by a wide margin.”
“A positive surprise is, however, not a signal to buy the shares. With the ASML share close to record level, a renewed upswing is already largely discounted by the market. To the extent that the share price reacts positively to a strong Q4 orders/outlook we would recommend taking a more cautious view.”