BofA Securities analyst Duksan Jang has initiated coverage on Axcelis Technologies, Inc. (ACLS) with a Buy rating and a price target of $225. The analyst believes that the market is underappreciating ACLS's exposure to fast-growing semis end markets, share gains in a rising $3 billion TAM, and superior growth prospects over semi cap peers. ACLS is seen as a key beneficiary of emerging trailing-edge auto/industrial applications, with potential to expand its share to 35% by CY25E. However, risks include concentration of 30% - 50% of tool sales in China, deceleration of implant TAM, and consumer weakness.