Northland Securities analyst Gus Richard maintained a Buy rating on Veeco (VECO) today and set a price target of $14. The company’s shares closed on Friday at $12.86.
Richard commented:
“We expect VECO to report revenue in the upper half of guidance of $85M to $105M and above the mid point of non- GAAP EPS guidance of ($0.30) to ($0.10). This is above our estimate of ($0.23) on $100M and consensus of ($0.21) on $96M. More importantly we expect numbers to move higher on a mix shift to higher margin sales going forward. In particular, we believe demand for Ion Beam deposition for HDD and EUV mask blanks will be strong for the foreseeable future. We believe these product gross margins is significantly higher than mid 30% and likely in the high 40% or low 50% range. In addition, we expect higher volumes should also help to expand gross margins moving throughout the year.”
According to TipRanks.com, Richard is a top 100 analyst with an average return of 25.7% and a 72.4% success rate. Richard covers the Consumer Goods sector, focusing on stocks such as Adesto Technologies Corp, Power Integrations, and PDF Solutions.
Veeco has an analyst consensus of Moderate Buy, with a price target consensus of $13.
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The company has a one-year high of $19.50 and a one-year low of $6.27. Currently, Veeco has an average volume of 313.6K.
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Veeco Instruments, Inc. is engaged in the development, manufacture, sale, and support of semiconductor process equipment. Its primary technologies is comprised of metal organic chemical vapor deposition, advanced packaging lithography, wet etch and clean, laser annealing, ion beam, molecular beam epitaxy, wafer inspection, and atomic layer deposition systems.
