Market Overview

UPDATE: Canaccord Genuity Reduces PT to $25 on Veeco Instruments

Share:
Related VECO
Mid-Morning Market Update: Markets Edge Higher; Coach Beats Q4 Expectations
Stocks Hitting 52-Week Lows
4 Tech Stocks to Buy for Growth Right Now (Zacks)

Canaccord Genuity reiterated its Sell rating on Veeco Instruments (NASDAQ: VECO) and lowered its price target to $25.

Canaccord Genuity noted, "Veeco reported revenues of $126.9M vs. consensus of $130.3M and our $118.0M. Non-GAAP EPS were $0.34 vs. consensus of $0.30 and our $0.13. Bookings were $84M, only $63M of which were MOCVD orders. … In our opinion, should book-to-bill finally stabilize after Q4 at best the stock is dead money, at worst we estimate that there is another 20% downside if the company continues to miss expectations."

Veeco Instruments closed at $28.88 on Monday.

Latest Ratings for VECO

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

View More Analyst Ratings for VECO
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (VECO)

Get Benzinga's Newsletters