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Canaccord Genuity Downgrades Veeco Instruments (VECO), Slashes PT

Canaccord Genuity downgraded Veeco Instruments (VECO) earlier today from Buy to Hold and slashed the price target from $58 to $39.  Hat tip to Street Insider for the analyst comment.

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“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 … Read the rest