Axcelis downgraded at Benchmark with recovery not seen until back half of 2025

As previously reported, Benchmark downgraded Axcelis (ACLS) to Hold from Buy and removed the firm’s previous price target after bookings were softer than expected in Q3. The backlog has dropped by 29% over the past year and sales in the first half of 2025 are expected to be lower than sales in the second half of 2024, notes the analyst, who does not see a recovery occurring until the second half of 2025. The firm has lowered its 2025 expected EPS by 33% to $5.54, the analyst noted.