Lazard Capital Markets Raises VECO PT To $58

Lazard Capital Markets has issued a report raising the Price Target on Veeco Instruments VECO from $54 to $58 a share. Lazard Capital writes, "First-quarter results of $254.7M/$1.33 were ahead of the Street's estimates of $246.5M/$1.22 and LCMe of $250M/$1.21. LED & Solar revs were $215M and Storage revs were $40M. The 1Q bookings were $231M, down 22% Q/Q. LED & Solar bookings were $198M (-22% Q/Q). Storage orders were $33M (-22% Q/Q). The backlog stood at $530M at quarter's end, which was stronger than expected." VECO has a Buy Rating and closed at $47.97 a share yesterday.