Axcelis price target raised to $90 from $75 at DA Davidson

DA Davidson raised the firm’s price target on Axcelis (ACLS) to $90 from $75 and keeps a Buy rating on the shares. The company posted a better than expected quarter and outlook as the broader semiconductor market continues to bounce along the bottom of the current cycle, the analyst tells investors in a research note. Upside came from a combination of higher margin service and spares business augmented by tight cost controls as well as having the right tool set to benefit for a few small pockets of end market strength, the firm added.