Citi Upgrades Axcelis Technologies (ACLS) to Buy

September 17, 2008 8:09 AM EDT
Get Alerts ACLS Hot Sheet
Price: $56.57 --0%

Rating Summary:
    6 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 4 | Down: 11 | New: 35
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Citi upgrades Axcelis Technologies Inc (Nasdaq: ACLS) from Hold to Buy. Price target lowered from $5.50 to $3.

Citi analyst says, "Following the collapse of its merger talks with Sumitomo Heavy Industries (SHI) and subsequent ~70% decline in stock price, we think the stock is now trading below liquidation value. So, while we are far from bullish on business prospects and we acknowledge that there's risk to ACLS' ability to raise much-needed cash in the next several months, we think the company will be able to raise sufficient capital w/o going to the public markets."

Axcelis Technologies, Inc. (Axcelis) designs, manufactures and services ion implantation, dry strip and other processing equipment used in the fabrication of semiconductor chips.

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