UPDATE: Sterne Agee Raises PT on Veeco Instruments to $56 (VECO)

Sterne Agee is out with its report today on Veeco Instruments

, raising its PT from $52 to $56. In a note to clients, Sterne Agee writes, "We are sticking with the Buy rating based on valuation. Excluding more than $16.00 in net cash per share, the stock is trading at 6X our new 2011 EPS estimate of $5.55 (up from $5.17). Our new target price is $56, or 10X our calendar 2011 EPS estimate of $5.55. Maintain Buy." At the time of posting, shares of VECO were trading at $48.60, up 1.31% from Monday's close.