ASML price target raised to $1,202 from $1,172 at JPMorgan

JPMorgan raised the firm’s price target on ASML to $1,202 from $1,172 and keeps an Overweight rating on the shares. Despite the company’s Q2 orders exceeding expectations by 26%, the stock fell on the news of new proposed U.S. curbs on non-U.S. semicap companies, the analyst tells investors in a research note. The firm adds however that the share price reaction is assuming a worst case situation that ASML is unable to ship to China, noting that a proposed use of foreign direct product rule against these firms could be a negotiating position to get the Dutch government to agree to prevent ASML from servicing already proscribed tools that have been previously shipped to China.