At Best Veeco Instruments (VECO) is Dead Money, Say Analysts

October 23, 2012 10:46 AM EDT Send to a Friend
Get Alerts VECO Hot Sheet
Price: $30.49 +1.40%

Rating Summary:
    13 Buy, 15 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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Canaccord Genuity maintained a Sell rating on Veeco Instruments Inc. (NASDAQ: VECO) and cut its price target to $25.00.

"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," said analyst Jonathan Dorsheimer.

He is expecting another disappointing book-to-bill in Q4 and believes that a significant rebound in MOCVD order activity is unlikely in 2013.

For an analyst ratings summary and ratings history on Veeco Instruments Inc. click here. For more ratings news on Veeco Instruments Inc. click here.

Shares of Veeco Instruments Inc. closed at $28.88 yesterday.

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