On June 25, Axcelis Technologies rose 5.86% in pre-market trading, trading at $179.13/share, with turnover of $21,600.
The move was driven by a combination of BofA Securities raising its price target on the stock to $156 from $130 on June 23, and a broad rally across the semiconductor equipment sector. The analyst consensus mean price target stands at $169.67 with an average Hold rating, according to FactSet. Earlier in April, B. Riley upgraded the stock to Buy from Neutral and raised its target to $150 from $91, marking a significant shift in sentiment.
Fundamentally, Axcelis reported Q1 revenue of $199 million, beating the $195 million estimate, and guided Q2 revenue to $205 million versus the $203.4 million consensus, with adjusted EPS guidance of $0.90 versus the $0.82 estimate. Within the Semiconductor Equipment sector, peers rallied broadly: Lam Research up 7.21%, Applied Materials up 6.93%, KLA-Tencor up 5.61%, Teradyne up 5.37%, and ASML up 4.55%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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