Piper Jaffray Keeps 'Buy' Rating on ASML Holding (ASML), But Removes From Alpha List

February 10, 2009 7:43 AM EST

Piper Jaffray & Co. maintains a 'Buy' rating on ASML Holding (Nasdaq: ASML), but removes from Alpha List. Price target $22.

Piper analyst says, "ASML shares are up 20% since October 24, 2008. We estimate that ASML's earnings potential in the peak of the next capital spending cycle is roughly $1.75 - $2.00. However, the bounce in the share price from its lows likely comprehends the longer-term potential of the stock as well as its near term challenges. We believe near-term upside in the shares is limited and are removing the stock from the Alpha List. We continue to believe in the long-term secular growth story for ASML but believe the stock will be choppy in the near term as technology buys only trickle in. We expect more material improvement in orders but not until late 2009/early 2010."

ASML Holding N.V. (ASML) is a holding company that operates through its subsidiaries. The Company offers a portfolio of lithography systems for manufacturing complex integrated circuits (ICs).

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