Goldman Sachs Downgrades Veeco Instruments Inc. (VECO) to Sell, Risk to Estimates

Goldman Sachs downgraded Veeco Instruments Inc. (NASDAQ: VECO) from Neutral to Sell with a price target of $27.00 (from $30.00), citing risk to estimates.

The firm comments, "VECO has remained resilient following a strong YTD performance (+68% vs. S&P 500 +16%) which we attribute to expectations of a meaningful recovery in tool volumes. We see this driving a near-term trading opportunity, as recent checks suggest incremental downside to LED capacity adds (e.g. MOCVD) in China and Korea will drive a flattish tool outlook for 2013. We believe VECO shares are already discounting 30%-35% bookings growth, however, and thus see poor risk/reward ahead of pending cuts to Street estimates."

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 $34.96 yesterday.

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