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Analyst Rating Flashback: Veeco Instruments Up 15.8% Since Upgraded 7 Days Ago (VECO)

Published on Tue, 04/30/2013 - 09:14
By Peter Chu

A week ago, Oppenheimer upgraded Veeco Instruments from Perform to Outperform. The shares closed at $37.31, or 15.8% over the $32.23 price of one week ago.

Veeco Instruments (NASDAQ:VECO) defies analysts with a current price ($37.20) 20.3% above its average consensus price target of $29.65. The stock should find initial support at its 50-day moving average (MA) of $34.53 and further support at its 200-day MA of $32.39.

In the past 52 weeks, shares of Veeco Instruments have traded between a low of $26.15 and a high of $40.34 and are now at $37.20, which is 42% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has remained constant.

Veeco makes equipment to develop and manufacture LEDs, solar cells, hard disk drives and other devices. We support our customers through product development, manufacturing, sales and service sites in the U.S., Korea, Taiwan, China, Singapore, Japan, Europe and other locations.

By Peter Chu
pchu@fnno.com