Needham initiates Axcelis, sees "product-cycle growth story"

|About: Axcelis Technologies, Inc. (ACLS)|By:, SA News Editor

Needham initiates Axcelis Technologies (ACLS +3.8%) with a Buy and PT of $3.50 (an implied upside of 47.1% from yesterday's close).

Analyst Edwin Mok thinks Axcelis is well positioned to "substantially outperform the industry in 2014" after years of struggling against sector leader AMAT and trading at a discount.

"With the new line of Purion ion implanters demonstrating initial success, a renewed focus on regaining share, streamlined operations positioning the company to be profitable, and its high exposure to memory, we believe Axcelis will prove to be a product-cycle growth story in 2014 and potentially beyond," Mok concludes.