ASML Kept at Buy as BofA Notes Accelerating High NA EUV Adoption

06:33 AM EDT, 09/08/2026 (MT Newswires) -- BofA Global Research affirmed its investment opinion on ASML (ASML.AS), noting accelerating industry adoption of high numerical aperture extreme ultraviolet lithography following roadmap updates from key chipmakers. "The most strategically important announcement is the industry initiative led by ASML and TSMC to develop a [12-inch] photomask ecosystem. The companies stated that larger masks should improve productivity, reduce chipmaking costs and remove stitching constraints associated with High-NA EUV... This is particularly relevant for increasingly large AI accelerators and reticle-size GPUs, allowing designs to be manufactured without the yield risks that stitching could introduce," according to a Tuesday note. Analysts also highlighted Intel's (INL.F) announcement that it had already run over one million wafers through High-NA systems, while Samsung Electronics (SMSN.L) said it targets 2028 for its first High-NA dynamic random access memory production line. "The announcements are consistent with our High-NA adoption assumptions (5 tools this year, 6 next and 20 by 2030). While the announcements do not change our forecasts, they increase confidence that the ecosystem is aligning around a common High-NA roadmap," the note said. BofA maintained the company's buy rating and price objective of 2,452 euros, adding the stock is considered a "top pick."