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UBS Made the Right Call, Veeco Instruments 5.2% Lower (VECO)

Published on Thu, 01/31/2013 - 10:12
By Adrienne Chilton

One week ago Veeco Instruments (NASDAQ:VECO) was downgraded from Buy to Neutral at UBS. The shares closed at $31.87, or 5.2% under the $33.61 price of one week ago.

Veeco Instruments (NASDAQ:VECO) is currently priced 1.3% above its average consensus analyst price target of $31.64. The stock should hit resistance at its 200-day moving average (MA) of $32.17, as well as support at its 50-day MA of $29.78.

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.

Over the past year, Veeco Instruments has traded in a range of $23.70 to $38.39 and is now at $32.06, 35% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.2%.

By Adrienne Chilton
achilton@fnno.com