UBS Maintains a 'Buy' on Veeco Instruments (VECO); Raising PT & Estimates on Big Beat

UBS maintains a 'Buy' on Veeco Instruments Inc. (NASDAQ: VECO) price target raised from $36 to $42.

Analyst, Stephen Chin, said, "Veeco's 1Q12 sales and non-GAAP EPS of $140M and $0.49 exceeded guidance of $128M and $0.24 with EPS upside from better gross margin of 46.7% (270bps higher than guidance) and lower opex of $43M versus its $48M guidance...Veeco guided 2Q12 sales and non-GAAP EPS to $133M and $0.39 vs. consensus of $128M and $0.23 (we believe Veeco likely maintains its share at 60%). Veeco kept its full year 2012 sales guidance at $550M (1H12 is $273M) which suggests its EPS could be around $1.70 vs. consensus of $1.09. Our new 2012 and 2013 EPS estimates are $1.70 and $2.80 compared to $1.35 and $2.75 previously."

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 $30.19 yesterday.

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