Veeco Receives a New Rating from Top Analyst

By Jason Carr

Benchmark Co. analyst Mark Miller reiterated a Buy rating on Veeco (NASDAQ: VECO) today and set a price target of $32.50. The company’s shares closed yesterday at $26.95.

According to TipRanks.com, Miller is a top 25 analyst with an average return of 30.2% and a 82.2% success rate. Miller covers the Technology sector, focusing on stocks such as Hutchinson Technology Inc, Rofin-Sinar Technologies, and Axcelis Technologies.

Currently, the analyst consensus on Veeco is Strong Buy and the average price target is $31.25, representing a 16.0% upside.

In a report issued on February 10, Merrill Lynch also upgraded the stock to Buy.

The company has a one year high of $30.45 and a one year low of $15.26. Currently, Veeco has an average volume of 461.4K.

Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VECO in relation to earlier this year. Most recently, in June 2016, John Peeler, the Chairman & CEO of VECO bought 45,000 shares for a total of $556,200.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Veeco Instruments, Inc. designs, manufactures and markets equipment for light emitting diodes and hard disk drives, as well as concentrator photovoltaics, power semiconductors, wireless components and micro-electromechanical systems. The company was founded in 1989 and is headquartered in Plainview, NY.