Axcelis downgraded to Neutral from Buy at B. Riley

B. Riley downgraded Axcelis (ACLS) to Neutral from Buy with a price target of $50, down from $80. The firm expects in-line Q1 results and Q2 guidance from the company. However, on elevated capacity spending risk, it cut second half of 2025 and 2026 estimates and fears China tariff risk. Reflecting a more uncertain intermediate-term view, Riley downgraded the shares, preferring to wait for an opportunity to become more positive when fundamentals inflect.