UPDATE: Lazard Capital Raises PT on Veeco Instruments to $64

Lazard Capital is out with its report today on Veeco Instruments

, raising its PT from $58 to $64. In a note to clients, Lazard Capital writes, "Based on our new estimates we believe a higher price target is justified using the higher end of the historical multiple range for the cycle of 11-13x. Our $64 PT is based on 12x our new FY11 EPS. With $17 in net cash per share the stock remains very attractively valued at 6x (ex cash). The biggest risk is the MOCVD order cycle in China and the timing of the cycle." At the time of posting, shares of VECO were trading at $54.03, down 3.31% from Thursday's close.