Market Overview

UPDATE: Oppenheimer Downgrades Veeco Instruments on Near-Term Uncertainty

Share:
Related VECO
Benchmark Initiates Veeco Instruments At Buy
Benzinga's Top Initiations

In a report published Tuesday, Oppenheimer analyst Andrew Uerkwitz downgraded the rating on Veeco Instruments (NASDAQ: VECO) from Outperform to Perform, and removed the $42.00 price target.

In the report, Oppenheimer noted, “We are downgrading Veeco Instruments to Perform from Outperform and removing our $42 PT on near-term uncertainty. While we see VECO as better positioned to capture share over the next 12-18 months, we see two primary risks to the stock. First is potential fallout from the revenue recognition issue the company has been battling with for nearly a year. Second, we expect an earnings correction when it reports. While both were previously known to us, we believed a resolution to the accounting issue would have been resolved by now, but after updating our financial statements, the earnings correction is more severe than we previously thought. Moreover, the risk/reward is more balanced at current levels.”

Veeco Instruments closed on Monday at $38.15.

Latest Ratings for VECO

DateFirmActionFromTo
May 2015BenchmarkInitiates Coverage onBuy
May 2015Canaccord GenuityMaintainsHold
May 2015SusquehannaMaintainsPositive

View More Analyst Ratings for VECO
View the Latest Analyst Ratings

Posted-In: Andrew Uerkwitz OppenheimerAnalyst Color Downgrades Analyst Ratings

 

Related Articles (VECO)

Get Benzinga's Newsletters