Bank of America Merrill Lynch Reports on Veeco Instruments

Bank of America Merrill Lynch commented on Veeco Instruments VECO in a report released today. In the report, Bank of America Merrill Lynch was mixed in its assessment of the company. Bank of America Merrill Lynch writes, "We believe the subsidy driven demand from China for MOCVD tools continues and VECO management also echoed this sentiment at our BofA-ML Tech Conference last week. While concerns around subsidy cuts persist and questions around the hand-off to the general lighting cycle still linger; the order momentum into C2H11 remains strong." Bank of America Merrill Lynch currently has a Buy rating on VECO and a price target of $62. Shares of VECO closed at $51.92 on Thursday.