Axcelis price target lowered to $75 from $100 at DA Davidson

DA Davidson analyst Thomas Diffely lowered the firm’s price target on Axcelis (ACLS) to $75 from $100 but keeps a Buy rating on the shares. The company’s quarterly results and outlook were a bit better than feared and after a 66% decline in the stock from its 52-week peak, these results are good enough, the analyst tells investors in a research note. The firm adds however that while the long term outlook remains bright, the timing of a cyclical recovery has been delayed with recent global uncertainty.