UPDATE: Stifel Upgrades Veeco Instruments Inc. (VECO) to Buy

(updating comment)

Stifel analyst Patrick Ho upgraded Veeco Instruments Inc. (NASDAQ: VECO) from Hold to Buy with a price target of $18.00 (from $14.00).

The analyst comments "We are upgrading shares of Veeco Instruments to a Buy rating (from Hold) and increasing our target price to $18 (from $14), which reflects the same 15x P/E multiple off of our revised peak EPS of $1.20, excluding options (on $550 million in revenue). With the recent market pullback, we believe the stock is at more attractive valuations and from a fundamental standpoint, we are more confident on its turnaround story. We also believe its percentage of revenues from China is declining as it has shifted its MOCVD strategy over the past few years and its direct impact from the supply chain is limited. We believe the restructuring work on its operating model is generally complete and we are more comfortable today that it can capitalize upon its growth opportunities, such as those in front-end semi, advanced packaging and data storage."

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 $13.46 yesterday.

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