Oddo BHF reiterates its 'outperform' opinion on ASML, as well as its 2024/30 forecast sequence and its price target of 1,100 euros, i.e. a 12-month potential of 20% for the share of the Dutch equipment supplier to the semiconductor industry.

Despite the share's very good performance over the year (+34%), there's still some upside", points out the analyst, noting that while the valuation may seem high, with a PE of 50 times for 2024, it is 30 times for 2025 and 27 times for 2026 due to expected growth.

Ahead of the quarterly results on April 17, Oddo BHF expects a fairly weak first quarter, in line with guidance, but believes that the market's attention will be focused on orders for the period, which it anticipates will exceed expectations.

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