Goldman Sachs Raised Its ASML Price Target to €2,000: Here's What Drove the 72% Surge in 2026

ASML Holding (ASML.AS) has been one of the standout performers in global markets in 2026, with its share price surging roughly 72% year-to-date. A key driver of that momentum has been a series of price-target upgrades from Goldman Sachs, culminating in a reported target of €2,000 in early July. This article fact-checks the upgrade sequence, examines the catalysts behind ASML's rally, and lays out the company's updated financial outlook.

Goldman Sachs' €2,000 Price Target: What's Confirmed and What Isn't

A flash report dated July 1, 2026, states that Goldman Sachs raised its ASML price target from €1,770 to €2,000 . However, as of the available sources, this figure has not appeared in a full, publicly published Goldman Sachs research note. It may be a preliminary flash, a consensus average, or a target from a different bank. The most recent fully documented Goldman Sachs action was on June 11, 2026, when the bank lifted targets for a basket of European chipmakers, raising ASML to €1,770 from €1,600 .

The Goldman Sachs Upgrade Series Over the Past Year

Goldman Sachs has issued at least four sequential upgrades on ASML since late 2025, maintaining a Buy rating throughout:

• January 18, 2026: Reiterated Buy with a target of €980, citing strong Q4 2025 order intake and positive customer demand signals .
• April 16, 2026: Raised target from €1,450 to €1,570 after ASML's Q1 beat and upgraded full-year guidance .
• May 13, 2026: Raised target to €1,600, citing strong AI-driven semiconductor demand and arguing ASML was "significantly undervalued" relative to peers .
• June 11, 2026: Raised target to €1,770 alongside upgrades for ASM International, BE Semiconductor, and Nebius, citing positive industry data points .
• July 1, 2026: Flash report indicates a further raise to €2,000 .

Each upgrade has correlated directly with improving order books, AI infrastructure announcements, and upward revenue revisions from ASML itself.

Key Drivers Behind ASML's ~72% Year-to-Date Surge

Multiple catalysts have converged to drive ASML's 2026 rally:

AI Infrastructure Spending

Generative AI has triggered massive investment in advanced chips, boosting demand for ASML's extreme ultraviolet (EUV) lithography systems — the only equipment capable of producing the most advanced AI processors . TSMC, ASML's largest customer, announced a $54 billion capex plan for 2026, up 32% year-over-year .

Record SK Hynix Order

In Q4 2025, SK Hynix placed a massive ~$7.97 billion (12 trillion Korean won) order for ASML EUV equipment spanning through fiscal 2027 . This helped drive ASML's Q4 2025 bookings to a record €13.2 billion, nearly double analyst estimates of €6.95 billion . SK Hynix also announced a "considerable increase" in capital expenditure .

Memory Capacity Expansion

Memory chip giants Samsung, SK Hynix, and Micron are ramping production of high-bandwidth memory (HBM) for AI accelerators, requiring ASML's lithography tools . As one analyst noted, "the recent surge in the semiconductor sector has primarily been fueled by the memory segment rather than logic chips" .

Strong Q1 2026 Beat & Guidance Raise

ASML reported Q1 2026 revenue of €8.8 billion (above consensus of €8.5 billion) and net income of €2.8 billion (above consensus of €2.54 billion) . The company raised its full-year outlook, confirming the demand story .

Broad Analyst Upgrades

Beyond Goldman Sachs, UBS and Deutsche Bank both raised their ASML targets to €1,600 in April 2026 . The series of Wall Street target increases has provided sustained positive sentiment.

ASML's Updated 2026 Revenue Outlook

Following its Q1 2026 beat, ASML raised its full-year 2026 guidance:

• Total net sales: €36 billion to €40 billion (up from the prior range of €34 billion to €39 billion) .
• Gross margin: 51% to 53% (unchanged from prior range) .
• Q2 2026 guidance: Revenue between €8.4 billion and €9.0 billion, with a gross margin of 51%–52% .

For context, ASML generated €32.7 billion in revenue in 2025 with a gross margin of 52.8% . The revised 2026 guidance implies top-line growth of 10% to 22% year-over-year .

Next Earnings Report Date

ASML's next earnings release is scheduled for July 15, 2026 (Q2 2026 results), before the market opens . One source cites July 17, 2026 , but the majority of financial calendars — including MarketBeat, MarketChameleon, Investing.com, MarketScreener, and ASML's own investor relations page — confirm July 15, 2026 . The Q3 2026 report is expected on October 14, 2026 .