Outperforming Semiconductor Name Gears Up for Earnings – Schaeffers Research
Mirroring the Nasdaq today, semiconductor stock ASML Holding NV (NASDAQ:ASML) earlier hit a record high of $1,110.09 before turning lower, last seen down 2.4% at $1,073. This price action comes after Susquehanna, which currently holds a positive rating on the stock, lifted its price target to $1,300 from $1,200.
The chip name is a candidate for a stock split, as it’s trading above $1,000 amid this year’s artificial intelligence (AI) rally, much like crypto stock MicroStrategy (MSTR), which announced a 10-for-1 stock split today. Year to date, the equity is up 42.3%.
ASML Holding is also preparing for its quarterly report, due out before the open on Wednesday, July 17. The options pits are pricing in a 7.4% post-earnings swing, regardless of direction, which is slightly higher than the 5% next day move the stock has averaged over the past two years. ASML’s earnings history doesn’t hint at much regarding next week, as the stock finished higher in half of its last eight reports.
Analysts are generally bullish ahead of the event, with 15 of the 18 in coverage carrying a “strong buy” rating, while the remaining three rate it neutrally. Plus, the 12-month consensus price target of $1,138.23 represents never-before-seen highs.
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