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Semiconductor equipment stocks are lagging in today’s broadly rally, with many names trading in the red, after a bit of disappointing news buried in the generally upbeat Intel (INTC) earnings report.

Intel said it now sees capital spending for 2009 of $4.5 billion, plus or minus $100 million, which was down from previous guidance of $4.7 billion, plus or minus $200 million.

ASML Holding (ASML) this morning lifted its Q3 revenue forecast. The semiconductor equipment maker said the improved outlook reflects “the short- and mid-term needs in the DRAM memory and logic segments.”

ASML now sees Q3 and Q4 sales above 500 million Euros each, with Q3 bookings “significantly above that level.”

Previous guidance had been for Q3 sales of about 450 million Euros.

The news is consistent with bullish comments on the sector last week from Novellus (NVLS) and a series of guidance increases this week from chip companies.

Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations

ASML Holding (ASML) shares are trading higher after the Dutch semiconductor equipment company reported Q2 results that were bad - but not as bad as feared.

Revenue for the quarter was 277 million Euro, up from 184 million in Q1, down from 844 million a year ago, and above the Street consensus of 225 million. The company lost 24 Euro cents a share in the quarter, which was about two cents better than the Street had expected.

For Q3, the company sees sales of around 450 million Euros, ahead of the previous consensus of about 423 million.

Q2 net bookings totalled 394 million Euros.

ASML Holding (ASML) shares are sharply higher after Nomura analyst Gunnar Plagge this morning upped his rating on the semiconductor equipment company to Neutral from Reduce. He raised his target price to 12.90 Euros, from 9.50.

Plagge writes in a research note that his upgrade follows a recent 20% slide in ASML’s stock price and the reduction of consensus estimates to more realistic levels. He also says that signs of progress in the restructuring of the Taiwanese DRAM industry increases his confidence in forward earnings estimates.

ASML today is up $1.55, or 10.8%, to $15.88.