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UPDATE: Piper Jaffray Upgrades Veeco Instruments to Overweight

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According to a research report this morning, Piper Jaffray Upgrades Veeco Instruments (NASDAQ: VECO) from Neutral to Overweight as the PT increases from $30 to $50 to reflect continued market share gain and order strength.

Piper Jaffray continued, “First, our checks highlight quality issues with competitor equipment at a major Chinese LED chip manufacturer, which likely results in solid VECO share at this customer, and likely drives further share gains in China. Second, our checks continue to point to a bottom for bookings, and highlight increasing order momentum towards 2H12, such as a likely order of 10 units in 2H12 from HC Semitek, who recently filed its IPO on ChiNext. According to its prospectus, HC Semitek plans to add 48 tools to expand its current capacity (majority VECO). Third, analysis of historical LED cycle valuations indicate VECO currently trades at trough levels.”

Veeco instruments closed yesterday at $36.72.

Latest Ratings for VECO

Aug 2015Bank of AmericaMaintainsNeutral
May 2015BenchmarkInitiates Coverage onBuy
May 2015Canaccord GenuityMaintainsHold

View More Analyst Ratings for VECO
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Upgrades Reiteration Analyst Ratings


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