B. Riley analyst Craig Ellis raised the firm’s price target on Axcelis to $115 from $95 and keeps a Buy rating on the shares. The company at a conference materially increased its Q4 revenue and earnings guidance and "once again" called for 2023 year-over-year revenue growth which would sharply outperform the industry’s in-progress memory-led downturn, Ellis tells investors in a research note. The analyst says the guidance supports his view of a "powerful" upcoming silicon carbide expansion and Axcelis’s dominant ion implant share.
Published first on TheFly
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