Veeco downgraded to Neutral from Buy at UBS UBS downgraded Veeco following checks that indicate a slow recovery in China LED sapphire demand and higher opex near-term. Price target lowered to $34 from $35.
News For VECO From The Last 14 Days
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Veeco upgraded to Buy from Neutral at UBS UBS upgraded Veeco based on expectations a MOCVD recovery is sustainable over the next 2-3 years. The firm's checks indicate a continued improvement in MOCVD purchases and confirm LED customers are running factories at 90% utilization. The firm expects a gross margin recovery next year and raised its price target to $53 from $35.