UPDATE: Sterne Agee Raises PT on Veeco Instruments from $53 to $58

Sterne Agee has published a report on Veeco Instruments VECO raising the price target to $58 on the device manufacturer. In the report, Sterne Agee wrote, "Bookings of $311 million increased 35% Q/Q, with MOCVD bookings of $250 million (over $100 million from MaxBright) up 34% Q/Q from $186 million in the March quarter. Revenue of $265 million was below consensus of $275 million, and non-GAAP EPS of $1.34 was $0.02 below consensus of $1.36. Backlog exiting the June quarter was $558 million, up 9% compared to $510 million (excluding $20 million from the solar business) exiting the March quarter." Sterne Agee rated Veeco a BUY with a price target raised from $53.00 to $58.00. Veeco closed Friday at $39.79.