Piper Jaffray Maintains Overweight on Veeco Instruments (VECO)

Piper Jaffray is out with its report today on Veeco Instruments VECO, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We reiterate our OW on VECO and would pick up the stock on the recent pullback as our talks with leading LED company Silan in China over the last few days reveal that MOCVD subsidies in some parts of China will continue through 2013. Based on our checks, we estimate Silan purchases an average of 25 new tools annually until 2012, in line with our January estimate of 30 tools installed in 2011. This is the latest confirmation on top of extensive checks we conducted over the last several months that subsidies in many parts of China will continue through 2012." Piper Jaffray maintains a $62 PT on VECO. At the time of posting, shares of VECO were trading pre-market at $48.49, down 1.28% from Friday's close.