Dutch chip equipment company ASML Holding NV regained its position as Europe's third-largest listed company from Nestlé after Bernstein analysts were optimistic about ASML's prospects and upgraded its rating to boost the stock price.
ASML shares rose to a two-year high on Monday, giving it a market capitalization of about $306 billion, compared with packaged food giant Nestle's market capitalization of $301 billion. In Europe, its market value is second only to Novo Nordisk A/S and LVMH.
Bernstein analysts Sara Russo and Chris Elias wrote in a note on Monday that they upgraded ASML to outperform because the stock is "increasingly attractively priced" compared with peers. ASML gained 35% last year, lagging the Philadelphia Semiconductor Index's 60% gain.
Analysts said that while the year ahead appears to be challenging, "it looks like a good entry point for ASML given the expected growth through 2025."