Axcelis price target raised to $110 from $90 at DA Davidson

DA Davidson raised the firm’s price target on Axcelis (ACLS) to $110 from $90 and keeps a Buy rating on the shares. The company’s merger with Veeco Instruments (VECO) is an attractive combination as it expands product breadth, increases profitability, and most importantly adds significant scale that should not only make Axcelis a more formidable competitor but makes the company a more attractive target to the likes of Lam Research (LRCX), the analyst tells investors in a research note.