UPDATE: Needham & Company Starts Axcelis Technologies (ACLS) at Buy

(updating comment)

Needham & Company analyst Quinn Bolton initiates coverage on Axcelis Technologies (NASDAQ: ACLS) with a Buy rating and a price target of $30.00.

The analyst comments "Despite being the #2 player in the overall ion implant equipment segment, Axcelis is the category leader in the high energy implant segment, holds strong market positions at leading WFE spenders Samsung and SK Hynix, and stands to gain from the strength in trailing-edge foundry/logic driven by the continued diversification of semiconductors. While the company has recovered from the 2019 trough, ACLS's memory systems revenue remains below its prior peak in 1H18, and is poised to outperform WFE as the next memory cycle accelerates its growth in 2021."

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 $26.04 yesterday.

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