UBS Lifts Target on Veeco to $42 Amid Expected Customer Expansion

Analyst Stephen Chin raised his price target on shares of Veeco Instruments

from $31 to $42 Wednesday morning. The analyst maintains a Neutral rating. Chin cited Veeco's plan to expand its customer base in China. The analyst believes Veeco customer Sanan Optoelectronics plans to expand its LED chip fad in Wuhu China by this years Q4. Chin sees this move likely increasing orders for Veeco's MOCVD tools. Veeco Instruments shares are up about 2.5 percent to $42.70 Wednesday afternoon.