UBS Reaffirms Buy, Cites 2027 ASML Capacity

UBS analysts, after roadshow with ASML CEO/CFO, reaffirmed a Buy rating and €1,600 price target, citing capacity confidence.
ASML expects over 80 EUV systems by 2027, with new Model F adding capacity without proportional tool output increase.
UBS projects China revenues down 10% in 2026, rebounding 9% in 2027, while non‑China logic and memory demand offsets the shortfall.
First‑quarter gross margin was 53%; analysts forecast full‑year margin 53.8%, near the top of the 51‑53% guidance range.