1346 GMT - ASML Holding's productivity gives it a competitive edge over new rivals, Bank of America analysts write in a note. Investor interest in alternatives to the Dutch supplier of semiconductor-making equipment continues to grow, they say. However, the proliferation of lithography start-ups is evidence of ASML's strategic importance rather than a sign of weakness, they add. Lithography--which refers to the technique that makes it possible to manufacture chips--has become the main obstacle to increasing advanced capacity, they note. "ASML's strongest defense is not preventing alternative technologies from emerging, but continuing to raise scanner productivity, overlay accuracy and reliability faster than competitors can close the gap." Shares are up 2.9% at 1,558 euros.