Craig-Hallum analyst Christian Schwab raised the firm’s price target on Axcelis to $113 from $94 and keeps a Buy rating on the shares after the company positively pre-released its Q4 results ahead of attendance at an investor conference on Wednesday. The analyst believes the company, which has driven 90% of its systems revenue in recent quarters from the mature foundry/logic market, experienced robust demand from power device customers, including silicon carbide, in the quarter. Further, Schwab thinks the strength was broadly based across customers and positions the company very well heading into 2023.
Published first on TheFly
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