UBS Raises price Target on Veeco Instruments (VECO) to $24.50; Reiterates Buy
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
UBS reiterated a Buy rating on Veeco Instruments (NASDAQ: VECO), and raised the price target to $24.50 (from $21.50), following the company's MOCVD sales preannouncement. Veeco also announced it will make an additional $10M in annualized cost reductions just in its ALD business.
Analyst Stephen Chin commented, "We keep a Buy rating as its positive sales pre-announcement gives us more confidence the MOCVD industry cycle is continuing to improve after 2 years of being in a downturn. Veeco had previously reported in August that it was starting to see higher MOCVD orders, and that its orders in the month of July alone exceeded 2Q16 MOCVD orders. MOCVD order have historically been the metric that moves the stock, and we believe that stronger orders are sustainable if activity continues to be from multiple customers/geographies (not just China) and that Veeco's customers are upgrading older generation MOCVD tools to newer EPIK products. We believe that MOCVD orders to China may have also bottomed and look for more signs that that the tier-1 LED chip makers in China continue to have factory utilization rates above the 80% range."
Shares of Veeco Instruments Inc. closed at $20.92 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Securities Downgrades Community Health (CYH) to Underperform
- Jefferies Raises Price Target as Cheesecake Factory (CAKE) Posts 3Q Beat
- Jefferies Cuts Price Target on VCA Antech (WOOF) Following 3Q Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!