Needham & Company Incrementally More Positive on Veeco (VECO) Amid Cost Cuts, Boosted Outlook

October 5, 2016 3:12 PM EDT
Get Alerts VECO Hot Sheet
Price: $27.10 -0.18%

Rating Summary:
    15 Buy, 16 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company affirms Veeco Instruments Inc. (Nasdaq: VECO) with a Hold rating after the company announced additional cost reduction initiatives and boosted Q3 outlook.

The firm commented today: The release suggests VECO clearly is gaining some momentum in MOCVD, but we see uneven recovery in the space, given the ongoing challenges of falling LED prices limiting the ability for customers to invest in new capacity. The restructuring of the ALD technology highlights the challenges in entering new segments for VECO, which are growth opportunities, but VECO is facing substantially larger incumbents in the semiconductor equipment space.

Overall, we are incrementally more positive given the raised 3Q16 guidance, but prefer to wait for further evidence of a sustainable recovery in the MOCVD space before getting aggressive on the name.

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

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