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Ultratech (NASDAQ:UTEK) was upgraded by stock analysts at Barrington Research from a “market perform” rating to an “outperform” rating in a report issued on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $30.00 price objective on the stock. Barrington Research’s price objective indicates a potential upside of 16.01% from the company’s current price.

The analysts wrote, “Our checks are giving us increased confidence in Ultratech’s annealing position at the 14nm node at a key customer. We had previously been concerned about the status of Ultratech’s competitive position versus competing flash annealing products, which had kept us cautious, but our checks indicate Ultratech is very well positioned at a major fab for 14nm production whose timeline has been expected to ramp in Q4. As such, we have greater conviction in Ultratech’s implied Q4 guidance, which during the Q2 earnings call indicated they expect Q4 revenue in the range of $65-80 million.”

Ultratech (NASDAQ:UTEK) traded up 5.61% on Tuesday, hitting $27.31. The stock had a trading volume of 330,780 shares. Ultratech has a 52-week low of $20.28 and a 52-week high of $31.67. The stock has a 50-day moving average of $24.32 and a 200-day moving average of $25.22. The company’s market cap is $769.6 million.

Ultratech (NASDAQ:UTEK) last announced its earnings results on Thursday, July 17th. The company reported ($0.14) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.09) by $0.05. The company had revenue of $36.80 million for the quarter, compared to the consensus estimate of $39.60 million. During the same quarter last year, the company posted $0.03 earnings per share. Ultratech’s revenue was down 14.2% compared to the same quarter last year. Analysts expect that Ultratech will post $0.08 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Bank of America upgraded shares of Ultratech from a “neutral” rating to a “buy” rating in a research note on Monday, July 7th. They now have a $31.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Noble Financial upgraded shares of Ultratech from a “hold” rating to a “buy” rating in a research note on Monday, June 30th. They noted that the move was a valuation call. Finally, analysts at B. Riley reiterated a “neutral” rating on shares of Ultratech in a research note on Friday, June 20th. They now have a $25.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Ultratech has an average rating of “Hold” and a consensus price target of $27.40.

Ultratech, Inc (NASDAQ:UTEK) develops, manufactures and markets photolithography, laser thermal processing, and inspection equipment.

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