Axcelis Technologies (ACLS): Raising PT After Analyst Meeting - Needham

October 5, 2016 6:52 AM EDT
Get Alerts ACLS Hot Sheet
Price: $15.25 --0%

Rating Summary:
    4 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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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".

For an analyst ratings summary and ratings history on Axcelis Technologies click here. For more ratings news on Axcelis Technologies click here.

Shares of Axcelis Technologies closed at $13.75 yesterday.

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