Axcelis downgraded to Underperform at BofA on challenged near-term outlook

As previously reported, BofA analyst Duksan Jang downgraded Axcelis (ACLS) to Underperform from Neutral with a price target of $90, up from $81. Though the firm views the proposed merger with Veeco Instruments (VECO) as “an overall positive,” it notes that most of the benefits are generally far out and present limited near-term upside. In the meantime, the firm flags an outlook for continued limited near-term recovery for standalone Axcelis, particularly in its key Silicon Carbide power and mature node foundry/logic markets.