Deutsche Bank analyst Robert Sanders upgraded ASML to Buy from Hold with a EUR 550 price target. The stock’s 40% decline year-to-date has created a “much heathier entry point,” Sanders tells investors in a research note. ASML can grow its revenue “substantially” in 2023 despite wafer fab equipment spending declining sharply as extreme ultraviolet and immersion is being “ring-fenced at many customers,” Sanders tells investors in a research note. He thinks the company’s backlog is “resilient enough” to avoid a major impact from pushouts for the duration of the current downcycle. Sanders sees an attractive entry point at current share levels.