Deutsche Bank Downgrades Veeco Instruments (VECO) to Hold; Recovery Likely Priced In

Deutsche Bank downgraded Veeco Instruments Inc. (NASDAQ: VECO) from Buy to Hold, price target lowered to $38.00.

Deutsche analyst, said, "While we continue to see modest improvement in MOCVD market in 2013, we believe shares are now likely discounting this recovery given the 83% YTD share price increase vs 12% of S&P. Coupled with the fact that most of the share price increase has been due to multiple expansion vs. positive estimate revisions and also considering the prospect that Q3/Q4 bookings recovery expected by MOCVD tool makers may get pushed out by 1-2 quarters, we believe the set-up is less favorable for a positive trade through the year-end."

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 $37.77 yesterday.

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