JPMorgan Chase lowered shares of Veeco Instruments (NASDAQ: VECO) from an overweight rating to a neutral rating in a research report released on Tuesday morning. JPMorgan Chase currently has $31.00 price target on the stock, down from their previous price target of $40.00.
“Asian LED producers over built capacity in 2011-2012, therefore VECO will see subdued orders for MOCVD reactors in 1H13, or until pull-through demand from general lighting applications re-kindles growth. The fourth quarter update, published 02/08, revealed a low level of bookings for MOCVD units that suggests that the firm’s base-case unit expectations for 2013 is a stretch. We believe LED capital investments will return to solid growth in late 2013-2014, as General Lighting applications grow, and VECO should remain a leading supplier of LED process equipment. That said, visibility is currently limited.,” JPMorgan Chase’s analyst commented.
Several other analysts have also recently commented on the stock. Analysts at Zacks downgraded shares of Veeco Instruments from a neutral rating to an underperform rating in a research note to investors on Wednesday, February 13th. They now have a $28.70 price target on the stock. Separately, analysts at UBS AG downgraded shares of Veeco Instruments to a neutral rating in a research note to investors on Monday, February 11th. Finally, analysts at UBS AG downgraded shares of Veeco Instruments from a buy rating to a neutral rating in a research note to investors on Thursday, January 24th. They now have a $34.00 price target on the stock, down previously from $35.00.
Two analysts have rated the stock with a buy rating, twelve have assigned a hold rating, one has assigned an underweight rating, and four have assigned a sell rating to the stock. Veeco Instruments presently has an average rating of hold and an average price target of $29.61.
Shares of Veeco Instruments traded down 1.73% during mid-day trading on Tuesday, hitting $29.61. Veeco Instruments has a one year low of $26.15 and a one year high of $38.39. The stock’s 50-day moving average is currently $31.. The company has a market cap of $1.142 billion and a P/E ratio of 18.88.
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