Axcelis price target lowered to $105 from $115 at Craig-Hallum

Craig-Hallum analyst Christian Schwab lowered the firm’s price target on Axcelis (ACLS) to $105 from $115 and keeps a Buy rating on the shares. The firm is updating its forward estimates to reflect the company’s recent announcement that they expect to see an impact to total annual revenue in 2025 of $20M-$50M associated with the recent U.S. additions to its export Entity List and further regulating the export of certain products to China-based customers. Craig-Hallum continues to believe that 2025 may see softness persist through at least the first half of the year as mature node customers continue to digest some capacity following strong investments and muted general consumer, auto, and industrial end markets. That said, with a macro rebound in these end markets, the firm still thinks the company is positioned for a broad benefit across its customer base.