Axcelis upgraded to Buy at Benchmark after Veeco merger

As previously reported, Benchmark analyst Mark Miller upgraded Axcelis (ACLS) to Buy from Hold with a $105 price target after the company announced an all-stock offer for Veeco (VECO). The accretive merger allows Axcelis to enter a number of attractive end markets, “significantly broadens” the Axcelis product lines, provides potential cross fertilization of technologies, and will create synergistic savings of about $35M, the analyst tells investors.