KeyBanc Starts Veeco Instruments Inc. (VECO) at Hold; Fundamentals Far from Bottoming
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Price: $52.40 -2.2%
Rating Summary:
14 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
14 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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KeyBanc initiates coverage on Veeco Instruments Inc. (NASDAQ: VECO) with a Hold.
KeyBanc analyst says, "Despite our optimistic outlook for LED lighting, we believe tool shipments for the MOCVD industry will trend well below Street expectations. Our cautious outlook is based on the belief that consensus is overestimating the tool shipments required for the TV and replacement markets and underestimating the impact from the recent capacity build in China. Our CY12 EPS estimate of $2.15 (35% below the Street) assumes the MOCVD industry ships 500 tools in 2012. Despite having the Street-low estimate for 2012, it is easy to see a scenario in which our estimates prove aggressive given: 1) the LED industry's current capacity utilization; 2) our LED growth forecast; and 3) the anticipated increase in supply from 2011 MOCVD shipments and yield improvements."
For more ratings news on Veeco Instruments Inc. click here and for the rating history of Veeco Instruments Inc. click here.
Shares of Veeco Instruments Inc. closed at $27.53 yesterday.
KeyBanc analyst says, "Despite our optimistic outlook for LED lighting, we believe tool shipments for the MOCVD industry will trend well below Street expectations. Our cautious outlook is based on the belief that consensus is overestimating the tool shipments required for the TV and replacement markets and underestimating the impact from the recent capacity build in China. Our CY12 EPS estimate of $2.15 (35% below the Street) assumes the MOCVD industry ships 500 tools in 2012. Despite having the Street-low estimate for 2012, it is easy to see a scenario in which our estimates prove aggressive given: 1) the LED industry's current capacity utilization; 2) our LED growth forecast; and 3) the anticipated increase in supply from 2011 MOCVD shipments and yield improvements."
For more ratings news on Veeco Instruments Inc. click here and for the rating history of Veeco Instruments Inc. click here.
Shares of Veeco Instruments Inc. closed at $27.53 yesterday.
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