UPDATE: Canaccord Genuity Reduces PT to $25 on Veeco Instruments
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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.