UPDATE: Citigroup Upgrades ASML Holding NV to Buy, Raises PT

In a report published Monday, Citigroup upgraded its rating on ASML Holding NV

from Neutral to Buy, and raised its price target from $68.65 to $85.48. Citigroup noted, “With ASML confirming no performance degradation at source power of around 60W and the architecture expected to be conceptually similar up to around 205-210W, we now see a greater likelihood of ASML achieving technological feasibility in terms of operating the source at around 105W (or throughput of 69 wafer per hour) target for 2014 production ramp. And in terms of the future ramp, although we believe it would be premature to factor in the shipments of around 30-36 EUV tools (to fully meet the market need as per ASML's simulation) within our 2015 forecasts, we are now more reassured in terms of the commercial potential of the technology.” ASML Holding NV closed on Friday at $71.16.