Axcelis downgraded to Hold at Craig-Hallum after 140% year-to-date rally

Craig-Hallum analyst Christian Schwab downgraded Axcelis to Hold from Buy with a price target of $175, up from $140. While Axcelis reported “another better-than-expected quarter” and raised its full year 2023 outlook, the firm is stepping to the sidelines given that the stock is up about 140% year-to-date and now trading at over 20-times its 2025 EPS estimate. The firm prefers to look for a more attractive entry point, the analyst tells investors.