Veeco Instruments Stock Rating Lowered by Berenberg Bank (VECO)
Veeco Instruments (NASDAQ:VECO) was downgraded by stock analysts at Berenberg Bank from a “buy” rating to a “hold” rating in a report issued on Wednesday, American Banking and Market News reports.
Veeco Instruments (NASDAQ:VECO) traded down 2.01% during mid-day trading on Wednesday, hitting $34.07. The stock had a trading volume of 261,266 shares. Veeco Instruments has a 52 week low of $28.23 and a 52 week high of $43.18. The stock’s 50-day moving average is $31.52 and its 200-day moving average is $33.71. The company’s market cap is $1.337 billion.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Monday, November 11th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by $0.05. The company had revenue of $99.30 million for the quarter, compared to the consensus estimate of $94.04 million. During the same quarter in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was down 25.2% on a year-over-year basis. Analysts expect that Veeco Instruments will post $-0.64 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on VECO. Analysts at JPMorgan Chase & Co. raised their price target on shares of Veeco Instruments from $31.00 to $33.50 in a research note to investors on Thursday, December 19th. They now have a “neutral” rating on the stock. Separately, analysts at Wedbush cut their price target on shares of Veeco Instruments from $35.00 to $30.00 in a research note to investors on Tuesday, November 12th. They now have a “neutral” rating on the stock. Finally, analysts at Piper Jaffray reiterated a “neutral” rating on shares of Veeco Instruments in a research note to investors on Tuesday, November 12th. They now have a $24.00 price target on the stock, down previously from $28.00. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. Veeco Instruments has a consensus rating of “Hold” and an average target price of $31.02.
Veeco Instruments Inc (NASDAQ:VECO) designs, manufactures and markets equipment to make light emitting diodes (LEDs), hard-disk drives, as well as for emerging applications such as concentrator photovoltaics, power semiconductors, wireless components, microelectromechanical systems (MEMS), and other next-generation devices.
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