Needham & Company Maintains a 'Hold' on Veeco Instruments (VECO); Still Cautious Despite MOCVD Bookings Improved

May 1, 2012 8:23 AM EDT
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Price: $26.90 -0.74%

Rating Summary:
    15 Buy, 16 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Needham & Company maintains a 'Hold' on Veeco Instruments Inc. (NASDAQ: VECO).

Analyst, Y. Edwin Mok, said, "VECO reported better than expected 1Q12 results and provided respectable guidance. Business appeared to have troughed as MOCVD bookings improved. While we are impressed by VECO’s strong execution in this downturn, its share gains in MOCVD and its ability to maintain strong profitability, we are less confident about a quick recovery in 2H12, as suggested by the conservative full year outlook. Expectations were low going into the call and the stock is likely to trade higher on the good report. However, we believe upside to share price would be limited by no growth in the next few quarters."

FY12 EPS estimate raised from $0.90 to $1.63 and FY13 from $1.90 to $2.48.

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 $30.19 yesterday.

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