Axcelis Technologies (NASDAQ: ACLS), a producer of ion implant equipment for the manufacturing of semiconductors, has gained a lot of attention over the past few years for its growth potential in the silicon carbide and electric vehicle markets. However, its stock has declined nearly 20% this year as those two growth engines cool off.

Does that pullback represent a good buying opportunity for patient investors? Let's review its business model, growth rates, and valuations to see where its stock might be headed over the next 12 months.

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Source Fool.com