As previously reported, BofA downgraded Axcelis to Neutral from Buy with a price target of $150, down from $180. The firm, which expects some intra-sector rotation after a 60% year-to-date run in the SOX, also expects continued secular growth tailwinds in Generative AI, chip complexity, auto content, fab reshoring, and CHIPS Act benefits. BofA raised its semiconductors industry estimates, staying “selectively positive” in its “thematic 3C’s” of Cloud, Cars, and Complexity, while adding that it remains “lukewarm” on smartphones, telco and the enterprise.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ACLS:
- 5 Top Tech Stocks to Buy Now, According to Analysts – December 2023
- Axcelis announces multiple shipments of Purion SiC Power Series implanters
- Axcelis ships Purion implanters to DRAM memory chipmakers in Asia
- Axcelis price target lowered to $134 from $175 at Craig-Hallum
- Axcelis price target lowered to $200 from $240 at B. Riley
