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Canaccord Genuity Downgrades Veeco from Buy to Hold

The firm has valuation concerns around cycle peak and has lowered PT from $58 to $39.

According to streetinsider.com, a Canaccord analyst says, "We are downgrading VECO shares as we project a cyclical digestion period and pause in earnings power in the coming years following the current capacity build-out for LCD TV backlighting...We are modeling 347 MOCVD shipments in 2011, going down to 130 in 2012. As such our revenues go from $1,047.4M in 2011 to $602.1M in 2012 with EPS of $3.87 to $1.30, respectively."

Veeco Instruments designs, manufactures, markets and services enabling solutions for customers in the high brightness light emitting diode (HB LED), solar, data storage, scientific research, semiconductor and industrial markets.
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