Glonghui, April 18 | J.P. Morgan maintains the ASML (ASML) “Overweight” rating, and the target price was lowered from $1,196 to $1,172. According to Motong, ASML's first-quarter orders fell short of expectations. It is estimated that due to the purchase agreement originally signed with TSMC, the TSMC 2 nm equipment order did not appear in the first quarter, but the bank believes that the first quarter orders are weak, which does not mean that the 2024 or 2025 forecast needs to be lowered; it only takes time to confirm future performance. The current stock price adjustment provides an opportunity to increase positions, and still regards this stock as the first choice. Motong believes that the decline in ASML orders in the first quarter can be overcome because the purchase agreement takes time to discuss, but customers are still interested in placing orders, and ASML seems to have begun manufacturing equipment when production capacity is surplus, reflecting that the company's budget can obtain orders. Therefore, the first quarter's performance falls short of expectations and will not prevent the company from reaching the upper limit level of the 2025 guidelines.