Axcelis Technologies (ACLS) PT Raised to $45 at Craig-Hallum on $2.50 of Earnings Power
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Craig-Hallum analyst Christian Schwab raised the price target on Axcelis Technologies (NASDAQ: ACLS) to $45.00 (from $42.00) after the company reported a strong finish to the year, in line with its positive pre-release, and expects strength to continue into 2021. The company expects its mature foundry/logic systems business to remain strong in 2021, which accounted for 71% of systems sales in 2020, with an improving automotive market to provide a tailwind to the segment. The company’s memory business, 29% of systems sales in 2020, is expected to see a recovery in 2021.
The analyst maintained a Buy rating, stating "With visibility into strong environment continuing in 2021 we believe the company can be approaching its $550 million annual revenue model this year, on its way to its $650 million model with EPS power of $3.00+. We are reiterating our Buy rating and raising our price target to $45, based on 18x our 2022 EPS estimate of $2.50".
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