Veeco Instruments Issues Quarterly Guidance After Operations Deemed Essential
Veeco Instruments Inc (VECO) on Tuesday said it expected first-quarter revenue in the range of $100 million to $105 million as its workers won’t be subject to stay-at-home government orders.
The financial update comes after Veeco on March 17 withdrew its financial guidance citing potential disruptions in the company’s operations caused by the repercussions of the coronavirus pandemic. Veeco manufactures thin film process equipment that enables high-tech electronic device production including LEDs.
“We subsequently determined that our operations are considered part of the critical and essential infrastructure defined by applicable government agencies,” Veeco said in a statement. “Consequently, we are currently permitted and are endeavoring to maintain manufacturing and supply chain operations during these uncertain times.”
The three Wall Street analysts covering Veeco in the past three months agree that the stock is a Buy, culminating in a Strong Buy consensus rating. The $18 average price target set by the analysts could provide investors with a potential 88% return in the next 12 months. (See Veeco’s stock analysis on TipRanks)
Earlier this month, Veeco had said that several California counties issued a “shelter-in-place” directive due to the coronavirus outbreak and as a result its San Jose factory had ceased to operate.
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