J.P. Morgan Reiterates “Overweight” Rating on Veeco (VECO)

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for free. J.P. Morgan

is out with an investor note this morning that is reiterating their “Overweight” rating for Veeco Instruments

. There is a $75.00 price target on the stock, which is currently trading $39.51, which is a substantial rise. Analysts said that VECO has been under pressure lately due to unsubstantiated market speculation that Samsung may be developing its own MOCVD equipment for LED production. Although they think this is possible, it is improbable given the complexity associated with such equipment and Samsung's focus on device production, not capital equipment development. J.P Morgan added that, “If Applied Materials is having problems developing MOCVD equipment, what are the chances Samsung would be successful?” They finished by saying, “We think investors have overreacted and think the weakness in the stock is a good entry point for those who feel they missed out on the stock in late 2009 and early 2010. We reiterate our OW rating and top pick status. VECO trades at 7x our C11 EPS ests vs. our Alt Energy group average of 15x.”