UPDATE: Sterne Agee Raises Estimates; PT to $32

According to a research report this morning, Veeco VECO is up 48% from a 52-week low, thus causing Sterne Agee to raise its 2012 EPS estimates from $.98 to $1.46 and increase its PT to $32. Sterne Agee stated, “With improving utilization rates in Taiwan and Korea and positive news flow from the Chinese government on LED lighting subsidies, the stock is up 48% from its 52-week low. While MOCVD orders may have bottomed in the Dec-11 quarter, we maintain our view that it will take a bit more time for MOCVD tool makers to see meaningful order growth from LED lighting adoption.” Veeco closed yesterday at $30.19 as Sterne Agee maintains its Neutral rating.