Veeco Instruments (VECO): Notes From The Road - Needham
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Needham & Company analyst, Edwin Mok, reiterated his Hold on Veeco Instruments Inc. (NASDAQ: VECO) after hosting investor meetings for CFO, Sam Maheshwari, and VP of IR, Shanye Hudson.
The analyst noted that there is not enough visibility to see if the recent uptick in MOCVD orders will sustain into 2017 but VECO appears to be well positioned to generate positive cash flow after cost reduction efforts, with potential for improved profitability if revenue growth returns.
Investors appear concerned that the LED market will remain challenging, limiting the growth opportunity for VECO but the analyst continues to like VECO's long-term prospects based on multiple growth drivers off its diversification efforts.
Shares of Veeco Instruments Inc. closed at $20.41 yesterday.
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