Wedbush Starts Veeco Instruments Inc. (VECO) at Neutral

Wedbush initiated coverage on Veeco Instruments Inc. (NASDAQ: VECO) with a Neutral rating and a price target of $35.00.

"While we expect Veeco to retain impressive earnings power in the next metal organic chemical vapor deposition (MOCVD) capacity addition cycle, we are cautious on any near-term rebound in order activity. Price-based competition with Aixtron likely pressures margins, and we believe consensus estimates need to come down," said analyst Craig Irwin.

"There are large orders on the horizon and favorable news coming from Veeco's customers, but we would wait for a more defined confirmation of a positive inflection to MOCVD equipment orders before becoming constructive on the stock," he added.

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 $35.44 yesterday.

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