B. Riley lowered the firm's price target on Axcelis to $91 from $94 and keeps a Neutral rating on the shares. Axcelis delivered a strong Q4 beat driven by Services and Systems upside and still-elevated China exposure, but softer 1Q26 guidance and flattish CY26 revenue outlook, due to Mature Foundry digestion offsetting Memory gains, pressured shares, the analyst tells investors in a research note. While near-term gross margin compression appears mix-driven rather than structural, moderating expectations and a growing Memory contribution suggest improving 2H26 momentum despite guidance modestly below consensus, the firm says.
