The second undervalued technology company on our list of the best blue chip stocks to buy, ASML stock trades 20% below our fair value estimate. As the predominant supplier of photolithography equipment for semiconductor manufacturers, ASML should materially benefit from the proliferation of extreme ultraviolet lithography at leading-edge chipmakers, argues Morningstar analyst William Kerwin. We think management has done an exemplary job of allocating capital, strengthening the company's competitive and market positions, he adds. We think ASML stock is worth US$750 per share.