ASML Holding N.V. (ASML) reported a robust sequential recovery in 2Q 09 total net sales, above Management guidance, while losses narrowed q-o-q based on improved blended Average Selling Price (ASP) and effective cost management. Going forward, Management expects continued expansion in total net sales and gross margin in 3Q 09, moving towards its break-even target in 2H 09. In view of this, we upgrade the ASML common stock from a SELL to…

ASML Holding N.V.’s (ASML) total net sales and gross performance were below expectations in 1Q 09. Operating performance was in line, while net performance exceeded expectations during the quarter. However, Management guidance for 2Q 09 falls significantly below our previous expectations, and accordingly, we will revisit our estimates and target price in our next full update report. Subsequently, and also reflecting current price levels, we downgrade…

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ASML Holding N.V.’s (ASML) reported its 4Q 08 and FY 2008 results today. Although total net sales and adjusted operating margin1 fell below expectations in 4Q 08, its net level performance exceeded expectations given income tax benefits recorded during the quarter. As we will likely revise our estimates downwards in our next update report in line with Management guidance for 1Q 09, we reiterate the common stock a SELL although…