ASML Holding posted orders and sales below expectations for the first quarter, but the Dutch semiconductor-equipment maker should benefit from a stronger second half and looks set to grow strongly next year, Bernstein analysts write in a note to investors. “We don’t see any change to the fundamental investment case for ASML,” the analysts say. First-quarter orders slipped to EUR3.61 billion from EUR3.75 billion a year earlier against a Visible Alpha forecast of nearly EUR5.10 billion. The analysts say they would view any pullback in the share price that might result from lower orders as a buying opportunity for investors.

ASML Holding’s orders were the main focus in the run-up to first-quarter results amid expectations of demand picking up from customers like TSMC and Intel, but the lower-than-expected figure shows that a recovery will take time, Citi analysts write in a research note. The Dutch semiconductor-equipment maker’s 1Q orders slipped to EUR3.61 billion from EUR3.75 billion a year earlier against a Visible Alpha forecast of nearly EUR5.10 billion. The analysts advise investors to take advantage of any weakness in shares after the lower-than-expected orders as they expect ASML’s growth prospects to remain strong in the longer term.