UPDATE: Lazard Capital Downgrades Veeco Instruments to Neutral

Lazard Capital is out with its report today on Veeco Instruments VECO, downgrading VECO from Buy to Neutral. In its report, Lazard Capital writes, "We are downgrading VECO to NEUTRAL from BUY. While we like that the company has a strong balance sheet with $15 cash/share and is gaining share on the heels of its MaxBright tool, we recommend that investors take a more cautious approach due to: 1) a slowdown in the China market, which represents a key factor in driving growth, due to tightening credit and uncertainties over the subsidy policy; 2) uncertainty on the timing of the ramp in general lighting; and 3) weak overall demand in the LED market leading to significant pricing pressure." At the time of posting, shares of VECO were trading at $30.58, down 3.88% from Thursday's close.