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Home > News > Veeco Instruments (NASDAQ:VECO): Buy on Weakness, Short-Term Profit-Taking Provides an Opportunity for Long-Term Investors - J.P. Morgan

May 3rd, 2010

Veeco Instruments (NASDAQ:VECO): Buy on Weakness, Short-Term Profit-Taking Provides an Opportunity for Long-Term Investors - J.P. Morgan

Abstract:
J.P. Morgan is out defending recent high-flier Veeco Instruments (NASDAQ: VECO) this morning reiterating their Overweight rating and $75 price target.

Firm thinks the recent sell-off of VECO is overblown and continues to recommends the stock as their top pick. Although investors are worried about the MOCVD equipment cycle getting too hot and heavy, JPM remains unconcerned about weakness in LED industry fundamentals. They also believe weakness in the stock will be short-lived as they expect news flow over the next few months to be positive for LED demand and drive upside revisions unit demand for LED backlighting and general lighting applications. They are hosting a conference call on Monday morning at 10:30AM EST with the CEO of Veeco, John Peeler.

Source:
streetinsider.com

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