UPDATE: JP Morgan Initiates ASML Holdings at Overweight
JP Morgan initiated coverage on ASML Holdings (NASDAQ: ASML) with an Overweight rating and a price target of $57.50 as the company is expected to exceed the performance of European peers.
JP Morgan said, "With macro weakness continuing to linger, we believe memory spending may not recover. DRAM in particular has no reason to spend given weak PC market with NAND potential only in 2H13. We lower ‘13/'14 revenue ests by 13%/4% to €5.05bn/€6.18bn and EPS ests by 17%/10% to €2.75/€4.0. Though we lower TP for Mar-13 to €44, stock will likely out-perform European semis.
AMSL Holding closed at $56.40 on Tuesday.
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