Needham analyst Edwin Mok says that while Axcelis Technologies (ACLS) delivered an upbeat presentation at his firm's conference, the company lowered its target margin levels to the lower end, citing mix and pricing pressure. Axcelis now expects a 39% gross margin at the 2018 revenue target of $450M, below the prior target of 40%-42%, Mok tells investors in a research note. He notes the company's longer term model now assumes gross margin of around 40%, below the prior 42%-44% level. The analyst believes pricing pressure is likely come from Axcelis' primary competitor Applied Materials (AMAT). Mok keeps a Buy rating on Axcelis with a $36 price target. The stock in early trading is down 10%, or $3.01, to $27.29.