Axcelis Technologies (ACLS): Positive After Channel Checks - Needham
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Needham & Company analyst, Edwin Mok, reiterated his Buy rating on shares of Axcelis Technologies (NASDAQ: ACLS) after recent order announcements and industry checks, the analyst is incrementally more confident that growth will return to ACLS in 4Q16.
The analyst stated "Leveraging the advantages of the Purion platform, we believe ACLS has been successful in broadening its reach into multiple medium and high current applications at both leading memory and non leading-edge logic customers. 2016 has been a tough year for the ion implant segment relative to other growing WFE segments, which have limited ACLS's ability to grow since 4Q15. But going into 2017, we see room for growth to return driven by share gains and some recovery in the segment".
No change to the price target of $15.
Shares of Axcelis Technologies closed at $12.45 yesterday.
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