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Veeco Instruments (NASDAQ:VECO)‘s stock had its “neutral” rating restated by research analysts at Bank of America in a report released on Thursday. They currently have a $43.00 target price on the stock, down from their previous target price of $45.00. Bank of America’s target price suggests a potential upside of 22.19% from the stock’s previous close.

The analysts wrote, “VECO reported 2Q14 rev/non-GAAP LPS of $95M/($0.16) compared to our estimate of $92M/($0.16) and Street at $93M($0.18). September rev/LPS guidance ($96M/($0.11) at midpoint) came in light versus the Street at $105M/($0.05), and well below our $125M/$0.06 forecast. A delay from 3Q14 to 4Q14 by a customer facing funding issues is the primary driver of the lower than expected outlook. Nevertheless, management expects sequential order improvement in both 3Q and 2H2014. We continue to believe that a strong and sustainable recovery in MOCVD demand is required to get more constructive on the stock, which we have yet to see. Our estimates come down, and we maintain our Neutral rating.”

Veeco Instruments (NASDAQ:VECO) traded up 1.38% during mid-day trading on Thursday, hitting $35.19. The stock had a trading volume of 756,176 shares. Veeco Instruments has a 52 week low of $28.23 and a 52 week high of $44.39. The stock’s 50-day moving average is $35.02 and its 200-day moving average is $37.00. The company’s market cap is $1.386 billion.

Veeco Instruments (NASDAQ:VECO) last released its earnings data on Wednesday, July 30th. The company reported ($0.16) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.18) by $0.02. The company had revenue of $95.10 million for the quarter, compared to the consensus estimate of $92.84 million. During the same quarter last year, the company posted ($0.11) earnings per share. Veeco Instruments’s revenue was down 2.4% compared to the same quarter last year. Analysts expect that Veeco Instruments will post $-0.22 EPS for the current fiscal year.

VECO has been the subject of a number of other recent research reports. Analysts at Noble Financial upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday. They now have a $33.00 price target on the stock, up previously from $31.00. Separately, analysts at Berenberg Bank reiterated a “buy” rating on shares of Veeco Instruments in a research note on Friday, June 20th. They now have a $41.00 price target on the stock, down previously from $46.00. Finally, analysts at Ned Davis Research upgraded shares of Veeco Instruments from a “sell” rating to a “neutral” rating in a research note on Monday, May 12th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $40.29.

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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