Morgan Stanley latest to downgrade ASML on China, memory, Intel concerns

MS followed UBS and Deutsche Bank in cutting estimates and reducing share price targets for ASML after the company's share price slid 30% in July and August. "Investors may have to wrestle with weakness not just with DRAM (memory chip market) but also with Intel ... and the growing concern that China semiconductor capacity overspend will slow as we look to 2026," MS analysts wrote.