Axcelis price target raised to $105 from $88 at DA Davidson

DA Davidson analyst Hans Chung raised the firm’s price target on Axcelis to $105 from $88 and keeps a Buy rating on the shares. The analyst cites the company’s positive Q4 pre-announcement, with upside in revenue and margins driven by better than anticipated system shipments and aftermarket revenue. Chung adds that he is encouraged by the near-term upside of Axcelis and remains bullish on its long-term growth prospects in the next few years as the company achieves and exceeds its target models.