Deutsche Bank Upgrades Veeco Instruments Inc. (VECO) to Buy; MOCVD Green-Shoots Emerging

Deutsche Bank upgraded Veeco Instruments Inc. (NASDAQ: VECO) to Buy with a price target of $40.00.

Deutsche analyst said, "Based on early indications of a recovery in the LED industry demand, we upgrade VECO and AIXA (Nasdaq: AIXG)to Buy. We expect Q1’12 to be the trough bookings quarter for MOCVD equipment suppliers and expect positive share price momentum to continue as the order visibility improves. Checks also indicate positive China momentum post Chinese New Year (recall that Cree (Nasdaq: CREE) guidance was dependent on demand post Chinese New Year)."

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 $29.98 yesterday.

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