Citi Downgrades ASML Holding (ASML) to Hold

April 16, 2009 9:16 AM EDT

Citi downgrades ASML Holding (Nasdaq: ASML) from Buy to Hold.

Citi analyst says, "Following an in-line Q and markedly more positive 2H:09 commentary, we are downgrading ASML from Buy to Hold and trimming target E16 to E15. While consensus estimates are unlikely to change much off this call, 2H guidance appears to now capture much of the technology re-engagement that has been a key tenet of our sector view since late '08, including several tools each from Samsung, Hynix, Elpida and Rexchip. While TSMC has recently re-engaged with most vendors on 45nm, in the case of ASML, checks now suggest TSMC will have received ~7-9 45nm tools by the Fall (some of which refurbished) which suggests that story has largely, for now, played out."

To see more analyst ratings on ASML Click Here.

ASML Holding N.V. (ASML) is a holding company that operates through its subsidiaries. The Company’s major operating subsidiaries, each of which is a wholly owned subsidiary include ASML Netherlands B.V., ASML Hong Kong Limited and ASML US, Inc.

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