Axcelis Technologies (ACLS): Raising PT After Analyst Meeting - Needham
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Needham & Company analyst, Edwin Mok, reiterated his Buy rating on Axcelis Technologies (NASDAQ: ACLS) and raised the price target to $17 from $15 after the company's analyst event.
The analyst cited 13 new Purion placements which he believes demonstrates ACLS's improved market position, which should support greater growth in 2017/18. This higher growth comes with a slight increase to operating expenses implying slightly lower income.
The analyst stated "While we do not think the annualized earnings target of $2.80/sh will come in 2017, maybe not even 2018, we believe the combination of better memory investments in 2017, market share gains and improved margins will drive meaningful earnings growth ahead".
Shares of Axcelis Technologies closed at $13.75 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
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