Veeco Instruments Inc. (VECO) Updates Q4 Earnings Guidance
Veeco Instruments Inc. (VECO) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share guidance of $0.04-0.16 for the period.
Several analysts have also recently commented on the stock. Analysts at Barclays Capital reiterated an overweight rating on shares of Veeco Instruments in a research note to investors on Wednesday, October 10th. On a related note, analysts at B. Riley cut their price target on shares of Veeco Instruments from $43.50 to $38.00 in a research note to investors on Friday, September 28th. They now have a buy rating on the stock. Finally, analysts at Goldman Sachs downgraded shares of Veeco Instruments from a neutral rating to a sell rating in a research note to investors on Monday, September 24th. They now have a $27.00 price target on the stock, down previously from $30.00.
Shares of Veeco Instruments Inc. (VECO) traded down 2.07% during mid-day trading on Monday, hitting $28.88. Veeco Instruments Inc. (VECO) has a 52 week low of $20.35 and a 52 week high of $38.39. The company has a market cap of $1.131 billion and a P/E ratio of 13.67.
Veeco Instruments last announced its earnings results on Monday, October 22nd. The company reported $0.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.31 by $0.03. Veeco Instruments’s revenue was down 52.6% compared to the same quarter last year. On average, analysts predict that Veeco Instruments Inc. (VECO) will post $1.52 earnings per share for the current fiscal year.
Veeco Instruments Inc. (Veeco) designs, manufactures and markets equipment to make light emitting diodes (LEDs), hard-disk drives, as well as for emerging applications such as concentrator photovoltaics, power semiconductors, wireless components, microelectromechanical systems (MEMS), and other next-generation devices.
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