UPDATE: Bank of America Reiterates on Veeco Instruments as Guidance Suggests Preliminary Recovery

In a report published Thursday, Bank of America analyst Krish Sankar reiterated a Neutral rating on

, and raised the price target from $41.00 to $46.00. In the report, Bank of America noted, “Veeco's management has cut costs and is focusing on light emitting diode (LED) and data storage manufacturing equipment. The long-term potential of the LED industry remains intact, driven by growth opportunities in general lighting. However, until general lighting ramps in a meaningful manner, Veeco could be affected near term by a slowdown in demand from China, ongoing weakness in the backlighting market, and a weak macro backdrop that results in near-term caution from customers.” Veeco Instruments closed on Wednesday at $40.58.