Axcelis named Top 2023 SemiCap pick, added to Conviction List at Needham

Needham analyst N. Quinn Bolton is naming Axcelis (ACLS) his Top SemiCap pick for 2023 and adding it to Needham’s Conviction List, replacing Advanced Energy (AEIS). The analyst has also raised the firm’s price target on to $100 from $77 and keeps a Buy rating on the shares. The company has several tailwinds that will drive upside to the current share price, which include strong exposure to power devices that have high ion implant intensity and a lower exposure to advanced memory, Bolton tells investors in a research note. Axcelis is also one of only a few SemiCap names expected to grow sales in 2023, the analyst adds.