UBS reiterates its Neutral recommendation on the stock, with an unchanged target price of E710.

'ASML's fourth-quarter results may meet expectations in terms of orders driven by TSMC, but the outlook remains uncertain outside TSMC, leading to downside risks for 2025/26E' says UBS.

As a reminder, the Group has updated its 2025 forecast and is now targeting sales of only 30/35 billion euros, down from 30/40 billion.

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