Summit Research Upgrades Veeco Instruments Inc. (VECO) to Hold

Summit Research upgraded Veeco Instruments Inc. (NASDAQ: VECO) from Sell to Hold with a price target of $24.00.

Analyst Srini Sundararajan commentedd, "We think that the loss of the Sanan order is already in AIXG stock as the deal had been already postponed more than once and especially now that the stock is down 30%. Hence we do not expect additional major upheaval in the valuation of the stock.

Overall, we think it is a big positive for Veeco. Veeco's shipments to Sanan have been proceeding without delay. It might indicate that AIXG's R6 is not as suitable for Sanan's applications or it may indicate that the tool needs to make additional modifications. But obviously it indicates that VECO is doing slightly better than AIXG and that EPIK is doing better than R6, whatever the reason. Hence we are upgrading VECO."

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 $20.41 yesterday.

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