The firm lifted its rating on the Netherlands-based chipmaker to buy from neutral, partly given its renewed optimism on ASML's lithography business.
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The bank moved the stock to overweight from equal weight.
Todd Gordon breaks down the charts and fundamentals on Dutch-based ASML.
Bank of America forecasts that shares of ASML could climb another 20% from their current level.
The bank upgraded the semiconductor equipment maker to buy from neutral.
Dutch semiconductor equipment firm ASML makes complex machines that are essential in producing advanced semiconductors.
Analyst Frank Lee upgraded the chipmaker to buy from hold with a revised price target of $200.
