J.P. Morgan Removes VECO From US Analyst Focus List

J.P. Morgan is removing Veeco Instruments Inc. VECO from its US Analyst Focus List while keeping its Overweight rating. “We are taking down our conviction on VECO stock a notch and removing it from the Analyst Focus List,” J.P. Morgan writes. “Although we believe continued strong FCF and MOCVD share gains are positive drivers for earnings growth, we also believe fears of a cyclical downturn in MOCVD equipment orders are likely to keep the stock from significantly outperforming in the near term. “We placed VECO on the Analyst Focus List in January 2010 at $36.43, and using yesterday's after market price of $50.22, this represents a near 38% absolute return.” Veeco Instruments closed Monday at $47.97.