RBC Capital analyst Mitch Steves raised his price target on ASML to $270 and kept his Outperform rating ahead of its Q3 earnings, saying he also remains positive on the company over the long term and expects its extreme ultraviolet scanners, or EUV, unit sales to track to plan. The analyst notes that the recent downtick in memory pricing will not severely impact results, since about $1B of ASML's product sales are related to "strategic initiatives" rather than bit growth. Steves also believes that being tied to strategic initiatives and new qualification should insulate ASML from a significant impact if the soft WFE spending environment persists for longer than expected.