ASML downgraded to Market Perform from Outperform at Bernstein

Bernstein analyst Sara Russo downgraded ASML to Market Perform from Outperform with a price target of $785, down from $810. The analyst sees softening demand for 2023 and into 2024. The risk from softening demand for leading edge logic/foundry and ongoing memory weakness now outweighs the upside, the analyst tells investors in a research note. It cites increasing cyclical challenges for the downgrade.