Bernstein lowered the company’s price target on ASML (ASML) from $815 to $767 and maintains an Outperform rating on the stock. The company cut its 2025 wafer fabrication equipment estimate to $107 billion, down 1% year-over-year, from $115 billion, and its 2026 spending estimate to $116 billion from $122 billion. The WFE cut reflects lower Chinese spending given possible U.S. restrictions and weaker prospects for NAND and logic, the analyst tells investors in a research note. Bernstein has updated his models to reflect the new WFE predictions.
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