J.P. Morgan Reiterates Bullish Stance On Veeco

Following a round of checks across the LED supply chain, J.P. Morgan has reiterated its bullish stance on Veeco VECO shares which are down roughly 20% on the week following poor TV sales data from Best Buy BBY and a competitor downgrade in recent days. “We believe both of these headwinds will prove to be temporary and see the recent weakness in the stock as an opportunity for investors to add to their positions,” J.P. Morgan writes. Veeco currently trades at $41.36; Best Buy trades at $34.55.