ASML Holding(US:ASML) Xin Lang Cai Jing·2025-12-04 05:58Core Viewpoint - Bank of America reports that ASML, a Dutch chip equipment manufacturer, is entering a multi-year upcycle driven by increased usage of lithography technology, accelerated profit growth, and significant improvement in free cash flow [1] Group 1: Company Performance - ASML has been included in Bank of America's "Top Semiconductor Picks for 2026" list, with a target price raised from €986 to €1,158, maintaining a "Buy" rating [1] - The company's gross margin is expected to expand by approximately 150 basis points, leading to an earnings growth of around 30% [1] Group 2: Market Trends - Memory manufacturers are anticipated to increase the number of extreme ultraviolet (EUV) layers, which will continue to enhance lithography intensity [1] - Free cash flow is projected to double to €14 billion [1]