ASML Holding(US:ASML) 智通财经网·2025-06-26 13:11Core Viewpoint - Jefferies downgraded the ratings of ASML and ASM International due to concerns over industry spending, predicting a decline in wafer fab equipment spending in 2026, contrary to market consensus expectations for double-digit growth [1] Group 1: Company Ratings and Predictions - ASML's stock price fell by 1.8% in pre-market trading, while ASM International saw a slight decline of 0.14% [1] - Jefferies analyst Janardan Menon forecasts a 1% decline in wafer fab equipment spending for 2026, with a significant 16% drop expected in DRAM wafer fab equipment spending [1] - ASML's projected sales for 2026 are expected to decline by 2%, while ASM International is anticipated to grow by 3%, with earnings per share estimates for both companies being 17% and 13% lower than market consensus, respectively [1] Group 2: Market Insights - Despite the expected decline in DRAM-related spending, advanced logic wafer fab equipment spending is anticipated to see slight growth next year, with TSMC's 2nm process equipment installations expected to remain stable [2] - Intel's 18A process node progress is reportedly on track, which will support its equipment spending in 2026 [2] - The automotive sector is showing signs of cyclical recovery, which is expected to drive capital spending for mature processes outside of China to rebound next year [2]