Piper Jaffray assumes coverage on ASML Inc. (NASDAQ: ASML) with a Neutral rating and EUR59 price target following 2Q14 earnings.

Analyst Ruben Roy comments, "As the leading lithography solutions provider, we expect ASML to continue benefiting from WFE growth in 2014 and 2015, as more advanced nodes rely on multi-patterning capabilities. However, we see EUV in pilot production until 7nm (likely 2017), with ASML relying on its non-EUV product lineup. ASML provided its 2H14 outlook this morning, which is anticipating slower ramp at foundry/logic customers, leading to -16% lower revenues 2H vs. 1H. We expect these shipments to recover in 2015, along with steady progress on EUV. However, we believe that expectations for growth around holistic lithography are already in street estimates and we await more progress toward wafer production goals on EUV before becoming more constructive on the stock."

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Shares of ASML Inc. closed at $88.39 yesterday.