ASML shares posted the second-biggest decline on the AEX index on the Amsterdam Stock Exchange on Thursday morning, penalized by a note from Jefferies, which downgraded the stock to 'hold' (from 'buy').

At around 10:20 a.m., the Dutch semiconductor equipment manufacturer's shares were down nearly 0.9%, weighing heavily on the AEX index, which was down 0.1% at the same time.

Jefferies, which lowered its target price from €690 to €660, said it was concerned about the health of the market, leading it to post lower-than-expected earnings forecasts for 2026.

For the same reasons, the broker also downgraded ASM shares, with a target price reduced from €530 to €490.

"We expect their order intake to remain in line with or below market estimates and consensus forecasts to be gradually revised downward," the analyst explained.

"We also expect news related to the semiconductor sector to deteriorate over the next six to nine months," Jefferies concluded.


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