After Benchmark Co. and Needham gave Axcelis Technologies (NASDAQ: ACLS) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst Craig Ellis maintained a Buy rating on Axcelis Technologies today and set a price target of $34. The company’s shares opened today at $24.60.
Ellis wrote:
“Thursday AMC (8/2), ion implant specialist Axcelis Technologies (ACLS) exceeded Street 2Q estimates then guided below as we previewed, though also retained CY18’s $450M revenue target to suggest a strong 4Q rebound, which tracks numerous industry peers. We were pleasantly surprised with robust Services sales, a contributing factor to significant gross margin outperformance, itself showing nice follow-through on the just-increased target financial model GM (and OM) bogey. Complementing those nearer term items, ACLS shipped to five new customers in the quarter, sowing the seeds in our view for future market share gain in line with the longer-term 40.0% and 50.0% targets, which we believe are increasingly in view.”
According to TipRanks.com, Ellis is a top 25 analyst with an average return of 36.0% and a 77.5% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Silicon Laboratories, and Rudolph Technologies.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Axcelis Technologies with a $30.25 average price target, representing a 23.0% upside. In a report released today, Benchmark Co. also maintained a Buy rating on the stock with a $32 price target.
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Axcelis Technologies’ market cap is currently $736.1M and has a P/E ratio of 5.93. The company has a Price to Book ratio of 1.98.
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Axcelis Technologies, Inc. engages in the design, manufacture and service of dry strip, ion implantation and other processing equipment used in the fabrication of semiconductor chips. The company provides service and support, including spare parts, equipment upgrades, maintenance services and customer training.
