ASML Stock Gets a Downgrade. Why Intel and Samsung Are a Problem. - Barron's

1. ASML's stock has fallen nearly a third from last year's highs. 2. Mizuho analyst lowers ASML rating to Neutral amid customer spending slowdown. 3. Sales expected to drop 3% in 2026, with flat earnings per share. 4. Dependency on TSMC increases as Intel and Samsung cut EUV spending. 5. First-quarter sales may exceed expectations due to demand from China.