Veeco Instruments Inc. (NASDAQ: VECO), Cavium Networks, Inc. (NASDAQ: CAVM), Manning & Napier Inc. (NYSE: MN), The Valspar Co. (NYSE: VAL), Hexcel Co. (NYSE: HXL) and InterDigital, Inc. (NASDAQ: IDCC) ratings and price targets.
Cavium Networks, Inc. (CAVM) had its price target lowered by Stifel Nicolaus from $35.00 to $33.00. They have a “Buy” rating on the company.
Sandler O’Neill initiated coverage on Manning & Napier Inc. (MN). They placed a “Buy” rating on the company.
The Valspar Co. (VAL) had its price target raised by Longbow Research from $40.00 to $45.00. They have a “Buy” rating on the company.
Veeco Instruments Inc. (VECO) was upgraded by Zacks Investment Research from an “Underperform” rating to an “Outperform” rating.
Hexcel Co. (HXL) was downgraded by Zacks Investment Research from an “Outperform” rating to a “Neutral” rating.
InterDigital, Inc. (IDCC) was downgraded by Zacks Investment Research from a “Neutral” rating to an “Underperform” rating.
Showing posts with label Veeco Instruments. Show all posts
Showing posts with label Veeco Instruments. Show all posts
Thursday, December 29, 2011
Wednesday, December 21, 2011
Veeco (VECO) (AIXG) (CREE) (DLPH) (CVH) (CNC) Get New Coverage
Veeco Instruments (VECO), Aixtron (AIXG), Cree, Inc. (CREE), Delphi Automotive (DLPH), Coventry Health Care (CVH) and Centene (CNC) getting new coverage from analysts.
Needham initiated coverage on Veeco Instruments (VECO). They have a "Hold" rating on the company.
Needham initiated coverage on Aixtron (AIXG). They have a "Hold" rating on the company.
Cantor Fitzgerald initiated coverage on Coventry Health Care (CVH). They placed a price target of $38 on the company.
Cantor Fitzgerald initiated coverage on Centene (CNC). They placed a price target of $$47.50 on the company.
Needham initiated coverage on Cree, Inc. (CREE). They have a "Buy" rating on the company.
Needham initiated coverage on Delphi Automotive (DLPH). They have a "Neutral" rating on the company.
Needham initiated coverage on Veeco Instruments (VECO). They have a "Hold" rating on the company.
Needham initiated coverage on Aixtron (AIXG). They have a "Hold" rating on the company.
Cantor Fitzgerald initiated coverage on Coventry Health Care (CVH). They placed a price target of $38 on the company.
Cantor Fitzgerald initiated coverage on Centene (CNC). They placed a price target of $$47.50 on the company.
Needham initiated coverage on Cree, Inc. (CREE). They have a "Buy" rating on the company.
Needham initiated coverage on Delphi Automotive (DLPH). They have a "Neutral" rating on the company.
Friday, November 18, 2011
Veeco (VECO) (UTX) (BTE) (VIV) (BC) (BRCD) Ratings, Price Targets
Veeco Instruments Inc. (VECO), United Technologies Co. (UTX), Baytex Energy Corp. (BTE), Vivo Participacoes SA (VIV), Brunswick Co. (BC) and Brocade Communications Systems, Inc. (BRCD) ratings and price targets.
Deutsche Bank (NYSE:DB) reiterated its “Buy” on United Technologies Co. (UTX). They have a price target of $91.00 on the company.
Barclays Capital initiated coverage on Baytex Energy Corp. (BTE). They placed an “Overweight” rating on the company.
Goldman Sachs (NYSE:GS) initiated coverage on Veeco Instruments Inc. (VECO). They placed a “Neutral” rating on the company.
Sanford C. Bernstein initiated coverage on Vivo Participacoes SA (VIV). They placed a “Market Perform” rating on the company.
BMO Capital Markets initiated coverage on Brunswick Co. (BC). They placed a “Market Perform” rating on the company.
Piper Jaffray (NYSE:PJC) reiterated its “Neutral” on Brocade Communications Systems, Inc. (BRCD). They have a price target of $4.00 on the company.
Deutsche Bank (NYSE:DB) reiterated its “Buy” on United Technologies Co. (UTX). They have a price target of $91.00 on the company.
Barclays Capital initiated coverage on Baytex Energy Corp. (BTE). They placed an “Overweight” rating on the company.
Goldman Sachs (NYSE:GS) initiated coverage on Veeco Instruments Inc. (VECO). They placed a “Neutral” rating on the company.
Sanford C. Bernstein initiated coverage on Vivo Participacoes SA (VIV). They placed a “Market Perform” rating on the company.
BMO Capital Markets initiated coverage on Brunswick Co. (BC). They placed a “Market Perform” rating on the company.
Piper Jaffray (NYSE:PJC) reiterated its “Neutral” on Brocade Communications Systems, Inc. (BRCD). They have a price target of $4.00 on the company.
Monday, September 12, 2011
Veeco (VECO) (LRCX) (WBMD) (CREE) (TIVO) (GTAT) Get New Coverage
Veeco Instruments Inc. (NASDAQ: VECO), Lam Research Co. (NASDAQ: LRCX), Webmd Health Corp (NASDAQ: WBMD), Cree, Inc. (NASDAQ: CREE), TiVo Inc (NASDAQ: TIVO) and GT Advanced Technologies, Inc. (NASDAQ: GTAT) get new coverage from analysts.
ThinkEquity initiated coverage on Veeco Instruments Inc. (VECO). They placed a “Hold” rating on the company.
Credit Agricole initiated coverage on Lam Research Co. (LRCX). They placed an “Outperform” rating on the company.
Cowen initiated coverage on Webmd Health Corp. (WBMD). They placed an “Outperform” rating on the company.
ThinkEquity initiated coverage on Cree, Inc. (CREE). They placed a “Hold” rating on the company.
Brean Murray initiated coverage on TiVo Inc. (TIVO). They placed a “Buy” rating and a price target of $14.00 on the company.
ThinkEquity initiated coverage on GT Advanced Technologies, Inc. (GTAT). They placed a “Buy” rating on the company.
ThinkEquity initiated coverage on Veeco Instruments Inc. (VECO). They placed a “Hold” rating on the company.
Credit Agricole initiated coverage on Lam Research Co. (LRCX). They placed an “Outperform” rating on the company.
Cowen initiated coverage on Webmd Health Corp. (WBMD). They placed an “Outperform” rating on the company.
ThinkEquity initiated coverage on Cree, Inc. (CREE). They placed a “Hold” rating on the company.
Brean Murray initiated coverage on TiVo Inc. (TIVO). They placed a “Buy” rating and a price target of $14.00 on the company.
ThinkEquity initiated coverage on GT Advanced Technologies, Inc. (GTAT). They placed a “Buy” rating on the company.
Thursday, August 11, 2011
SunPower (SPWRA) (VECO) (AOL) (DIS) (ESV) (COMV) Price Targets Changed
SunPower Co. (NASDAQ: SPWRA), Veeco Instruments Inc. (NASDAQ: VECO), AOL (NYSE: AOL), Walt Disney (NYSE: DIS), ENSCO PLC (NYSE: ESV) and Comverge Inc (NASDAQ: COMV) have price targets adjusted by analysts.
Veeco Instruments Inc. (VECO) had its price target lowered by Citigroup (NYSE:C) to $45.00.
Walt Disney (DIS) had its price target lowered by RBC Capital from $48.00 to $43.00. They have an “Outperform” rating on the company.
AOL (AOL) had its price target lowered by Credit Suisse (NYSE:CS) to $15.00. They have a “Neutral” rating on the company.
SunPower Co. (SPWRA) had its price target lowered by Kaufman Brothers from $14.00 to $11.00. They have a “Sell” rating on the company.
ENSCO PLC ESV) had its price target lowered by UBS AG (NYSE:UBS) to $62.00. They have a “Buy” rating on the company.
Comverge Inc. (COMV) had its price target lowered by Needham & Company from $7.00 to $5.00. They have a “Buy” rating on the company.
Veeco Instruments Inc. (VECO) had its price target lowered by Citigroup (NYSE:C) to $45.00.
Walt Disney (DIS) had its price target lowered by RBC Capital from $48.00 to $43.00. They have an “Outperform” rating on the company.
AOL (AOL) had its price target lowered by Credit Suisse (NYSE:CS) to $15.00. They have a “Neutral” rating on the company.
SunPower Co. (SPWRA) had its price target lowered by Kaufman Brothers from $14.00 to $11.00. They have a “Sell” rating on the company.
ENSCO PLC ESV) had its price target lowered by UBS AG (NYSE:UBS) to $62.00. They have a “Buy” rating on the company.
Comverge Inc. (COMV) had its price target lowered by Needham & Company from $7.00 to $5.00. They have a “Buy” rating on the company.
Monday, August 8, 2011
Veeco (VECO) (ADLR) (AIXG) (AMAT) (DG) (KLAC) Get New Coverage
Veeco Instruments Inc. (NASDAQ: VECO), Adolor (NASDAQ: ADLR), Aixtron AG (NASDAQ: AIXG), Applied Materials, Inc. (NASDAQ: AMAT), Dollar General (NYSE: DG) and KLA-Tencor (NASDAQ: KLAC) getting new coverage from analysts.
Oppenheimer initiated coverage on Veeco Instruments Inc. (VECO). They placed a “Perform” rating and a price target of $45.00 on the company.
William Blair initiated coverage on Adolor (ADLR). They placed an “Outperform” rating on the company.
Oppenheimer initiated coverage on Aixtron AG (AIXG). They placed a “Perform” rating and a price target of $32.00 on the company.
Oppenheimer initiated coverage on Applied Materials, Inc. (AMAT). They placed a “Perform” rating and a price target of $15.00 on the company.
BMO Capital Markets initiated coverage on Dollar General (DG). They placed an “Outperform” rating and a price target of $40.00 on the company.
Oppenheimer initiated coverage on KLA-Tencor (KLAC). They placed an “Outperform” rating and a price target of $50.00 on the company.
Oppenheimer initiated coverage on Veeco Instruments Inc. (VECO). They placed a “Perform” rating and a price target of $45.00 on the company.
William Blair initiated coverage on Adolor (ADLR). They placed an “Outperform” rating on the company.
Oppenheimer initiated coverage on Aixtron AG (AIXG). They placed a “Perform” rating and a price target of $32.00 on the company.
Oppenheimer initiated coverage on Applied Materials, Inc. (AMAT). They placed a “Perform” rating and a price target of $15.00 on the company.
BMO Capital Markets initiated coverage on Dollar General (DG). They placed an “Outperform” rating and a price target of $40.00 on the company.
Oppenheimer initiated coverage on KLA-Tencor (KLAC). They placed an “Outperform” rating and a price target of $50.00 on the company.
Tuesday, August 2, 2011
Veeco (VECO) (EMCI) (EQT) (CBG) (AGP) (ORI) Price Targets Changed
Veeco Instruments Inc. (NASDAQ: VECO), EMC Insurance Group Inc (NASDAQ: EMCI), EQT Corp. (NYSE: EQT), CB Richard Ellis (NYSE: CBG), Amerigroup Co. (NYSE: AGP) and Old Republic International Co. (NYSE: ORI) had their price targets adjusted by analysts.
Veeco Instruments Inc. (VECO) had its price target raised by Sterne Agee to $58.00.
EMC Insurance Group Inc. (EMCI) had its price target lowered by KBW to $21.00.
EQT Corp. (EQT) had its price target raised by Barclays Capital to $77.00. They have an “Overweight” rating on the company.
CB Richard Ellis (CBG) had its price target lowered by analysts at Barclays Capital to $30.00. They have an “Overweight” rating on the company.
Amerigroup Co. (AGP) had its price target lowered by Oppenheimer from $75.00 to $69.00. They have an “Outperform” rating on the company.
Old Republic International Co. (ORI) had its price target lowered by KBW to $11.50.
Veeco Instruments Inc. (VECO) had its price target raised by Sterne Agee to $58.00.
EMC Insurance Group Inc. (EMCI) had its price target lowered by KBW to $21.00.
EQT Corp. (EQT) had its price target raised by Barclays Capital to $77.00. They have an “Overweight” rating on the company.
CB Richard Ellis (CBG) had its price target lowered by analysts at Barclays Capital to $30.00. They have an “Overweight” rating on the company.
Amerigroup Co. (AGP) had its price target lowered by Oppenheimer from $75.00 to $69.00. They have an “Outperform” rating on the company.
Old Republic International Co. (ORI) had its price target lowered by KBW to $11.50.
Wednesday, July 27, 2011
Eaton (ETN) (VECO) (AFFX) (ARRS) (TASR) (RNOW) Ratings Reiterated
Eaton Corp. (NYSE: ETN), Veeco Instruments Inc. (NASDAQ: VECO), Affymetrix, Inc. (NASDAQ: AFFX), Arris Group, Inc. (NASDAQ: ARRS), TASER International, Inc. (NASDAQ: TASR) and RightNow Technologies (NASDAQ: RNOW) ratings reiterated by analysts.
Piper Jaffray reiterated its "Overweight" rating on Veeco Instruments. They have a price target of $62.00 on the company.
Wedbush reiterated a "Neutral" rating on Affymetrix, Inc. (AFFX). They have a price target of $7.00 on the company.
Goldman Sachs (NYSE:GS) reiterated a "Buy" rating on Eaton Corp. (ETN).
Piper Jaffray (NYSE:PJC) reiterated an "Overweight" rating on RightNow Technologies (RNOW). They have a price target of $40.00 on the company.
JPMorgan Chase & Co. (NYSE:JPM) reiterated an "Underweight" rating on TASER International, Inc. (TASR).
Collins Stewart reiterated a “Neutral” rating on Arris Group, Inc. (ARRS).
Piper Jaffray reiterated its "Overweight" rating on Veeco Instruments. They have a price target of $62.00 on the company.
Wedbush reiterated a "Neutral" rating on Affymetrix, Inc. (AFFX). They have a price target of $7.00 on the company.
Goldman Sachs (NYSE:GS) reiterated a "Buy" rating on Eaton Corp. (ETN).
Piper Jaffray (NYSE:PJC) reiterated an "Overweight" rating on RightNow Technologies (RNOW). They have a price target of $40.00 on the company.
JPMorgan Chase & Co. (NYSE:JPM) reiterated an "Underweight" rating on TASER International, Inc. (TASR).
Collins Stewart reiterated a “Neutral” rating on Arris Group, Inc. (ARRS).
Monday, July 25, 2011
Veeco (VECO) (SWY) (SIVB) (PLCM) (MSFT) (KSU) Price Targets Changed
Veeco Instruments Inc. (NASDAQ: VECO), Safeway Inc. (NYSE: SWY), SVB Financial Group (NASDAQ: SIVB), Polycom (NASDAQ: PLCM), Microsoft Corp (NASDAQ: MSFT) and Kansas City Southern (NYSE: KSU) price targets adjusted by analysts.
Veeco Instruments Inc. (VECO) had its price target lowered by UBS AG (NYSE: UBS) from $55.00 to $51.00. They have a “Buy” rating on the company.
Safeway Inc. (SWY) had its price target lowered by Credit Suisse (NYSE: CS) to $22.00. They have a “Neutral” rating on the company.
SVB Financial Group (SIVB) had its price target raised by RBC Capital from $60.00 to $64.00. They have a “Sector Perform” rating on the company.
Polycom (PLCM) had its price target raised by RBC Capital from $32.50 to $35.00. They have an “Outperform” rating on the company.
Microsoft Corp. (MSFT) had its price target raised by UBS AG (NYSE: UBS) from $32.00 to $33.00. They have a “buy” rating on the company.
Kansas City Southern (KSU) had its price target raised by Sterne Agee to $65.00. They have a “Buy” rating on the company.
Veeco Instruments Inc. (VECO) had its price target lowered by UBS AG (NYSE: UBS) from $55.00 to $51.00. They have a “Buy” rating on the company.
Safeway Inc. (SWY) had its price target lowered by Credit Suisse (NYSE: CS) to $22.00. They have a “Neutral” rating on the company.
SVB Financial Group (SIVB) had its price target raised by RBC Capital from $60.00 to $64.00. They have a “Sector Perform” rating on the company.
Polycom (PLCM) had its price target raised by RBC Capital from $32.50 to $35.00. They have an “Outperform” rating on the company.
Microsoft Corp. (MSFT) had its price target raised by UBS AG (NYSE: UBS) from $32.00 to $33.00. They have a “buy” rating on the company.
Kansas City Southern (KSU) had its price target raised by Sterne Agee to $65.00. They have a “Buy” rating on the company.
Monday, May 9, 2011
Biggest Winners (CMI) (VECO) (VMW) (KMR) (PWE) on May 6
Among the winners on Friday, May 6, as measured by share price increases, were Cummins Inc. (CMI), Veeco Instruments (VECO), Vmware (VMW), Kinder Morgan (KMR) and Penn West Petroleum (PWE).
Cummins Inc. (CMI) was up $1.35, to close at $117.24, a gain of 1.16 percent.
Veeco Instruments (VECO) jumped $1.34 on the day to close at $51.00, an increase of 2.70 percent.
Vmware (VMW) rose $1.46 to close at $92.98, a boost of 1.46 percent.
Kinder Morgan (KMR) soared $1.34 to close the session at $64.99, a gain of 2.11 percent.
Penn West Petroleum (PWE) surged $1.33 to end the day at $24.91, climbing 5.64 percent.
Cummins Inc. (CMI) was up $1.35, to close at $117.24, a gain of 1.16 percent.
Veeco Instruments (VECO) jumped $1.34 on the day to close at $51.00, an increase of 2.70 percent.
Vmware (VMW) rose $1.46 to close at $92.98, a boost of 1.46 percent.
Kinder Morgan (KMR) soared $1.34 to close the session at $64.99, a gain of 2.11 percent.
Penn West Petroleum (PWE) surged $1.33 to end the day at $24.91, climbing 5.64 percent.
Tuesday, April 26, 2011
Veeco (VECO) (ESRX) (WPI) EPS Estimates Changed
EPS estimates for Veeco Instruments Inc. (NASDAQ: VECO), Express Scripts, Inc. (NASDAQ: ESRX) and Watson Pharmaceuticals Incorporated (NYSE: WPI) were revised by analysts April 26.
UBS AG (NYSE:UBS) lowered their EPS estimates on Express Scripts, Inc. (ESRX). They have a “Buy” rating and a price target of $66.00 on the company.
Credit Suisse (NYSE:CS) raised their EPS on Watson Pharmaceuticals Incorporated (WPI). They have an “Outperform” rating and a price target of $4.20 on them. They had had a $5.37 price target on the firm before the change.
UBS AG boosted its EPS estimate on Veeco Instruments Inc. (VECO). They have a “Buy” rating and a price target of $65.00 on the company.
UBS AG (NYSE:UBS) lowered their EPS estimates on Express Scripts, Inc. (ESRX). They have a “Buy” rating and a price target of $66.00 on the company.
Credit Suisse (NYSE:CS) raised their EPS on Watson Pharmaceuticals Incorporated (WPI). They have an “Outperform” rating and a price target of $4.20 on them. They had had a $5.37 price target on the firm before the change.
UBS AG boosted its EPS estimate on Veeco Instruments Inc. (VECO). They have a “Buy” rating and a price target of $65.00 on the company.
Microsoft (MSFT) (BEAV) (OTEX) (SFSF) (VECO) PTs Boosted
The shares of Microsoft Corp (NASDAQ: MSFT), BE Aerospace (NASDAQ: BEAV), Open Text (NASDAQ: OTEX), SuccessFactors, Inc. (NASDAQ: SFSF) and Veeco Instruments Inc. (NASDAQ: VECO) were all boosted April 26 by several analysts.
RBC Capital raised their price target on BE Aerospace (BEAV) from $46.00 to $48.00. They have a “Top Pick” rating on the company.
Morgan Stanley (NYSE:MS) boosted its price target on Microsoft Corp (MSFT) to $32.00. They have an “Overweight” rating on the software giant.
Wedbush raised their price target on Open Text (OTEX) from $55.00 to $65.00. They have a “Neutral” rating on the OTEX.
RBC Capital increased its price target on SuccessFactors, Inc. (SFSF) from $35.00 to $40.00. They have an “Outperform” rating on them.
Kaufman Brothers raised its price target on Veeco Instruments Inc. (VECO) from $55.00 to $60.00. They have a “Buy” rating on the firm.
RBC Capital raised their price target on BE Aerospace (BEAV) from $46.00 to $48.00. They have a “Top Pick” rating on the company.
Morgan Stanley (NYSE:MS) boosted its price target on Microsoft Corp (MSFT) to $32.00. They have an “Overweight” rating on the software giant.
Wedbush raised their price target on Open Text (OTEX) from $55.00 to $65.00. They have a “Neutral” rating on the OTEX.
RBC Capital increased its price target on SuccessFactors, Inc. (SFSF) from $35.00 to $40.00. They have an “Outperform” rating on them.
Kaufman Brothers raised its price target on Veeco Instruments Inc. (VECO) from $55.00 to $60.00. They have a “Buy” rating on the firm.
Best Corp (ABFS) (FHN) (JCI) (NFLX) (VECO) PTs Adjusted by Analysts
Analysts cut and boosted their price targets on shares of Best Corp (NASDAQ: ABFS), First Horizon National Co. (NYSE: FHN), Johnson Controls, Inc. (NYSE: JCI), Netflix, Inc. (NASDAQ: NFLX) and Veeco Instruments Inc. (NASDAQ: VECO) on April 26.
Deutsche Bank (NYSE:DB) cut its price target on Arkansas Best Corp (ABFS) from $27.00 to $24.00. They have a “Hold” rating on the company.
Jefferies (NYSE:JEF) cut their price target on First Horizon National Co. (FHN) from $13.00 to $12.00.
Credit Suisse (NYSE:CS) boosted its price target on Johnson Controls, Inc. (JCI) from $49.00 to $53.00. They have an “Outperform” rating on the firm.
Oppenheimer raised its price target on Netflix, Inc. (NFLX) from $230.00 to $280.00. They have an “Outperform” rating on the media content delivery company.
Lazard Capital raised their price target on Veeco Instruments Inc. (VECO) from $54.00 to $58.00.
Deutsche Bank (NYSE:DB) cut its price target on Arkansas Best Corp (ABFS) from $27.00 to $24.00. They have a “Hold” rating on the company.
Jefferies (NYSE:JEF) cut their price target on First Horizon National Co. (FHN) from $13.00 to $12.00.
Credit Suisse (NYSE:CS) boosted its price target on Johnson Controls, Inc. (JCI) from $49.00 to $53.00. They have an “Outperform” rating on the firm.
Oppenheimer raised its price target on Netflix, Inc. (NFLX) from $230.00 to $280.00. They have an “Outperform” rating on the media content delivery company.
Lazard Capital raised their price target on Veeco Instruments Inc. (VECO) from $54.00 to $58.00.
Wednesday, March 23, 2011
Cree (CREE) Pulls Down (LEDS) (VECO) (AIXG) on Warning
The LED sector is getting crushed today on the warning from Cree Inc. (Nasdaq:CREE) that demand was weak and it's taking longer than expected to work through its inventory.
Plunging along with Cree today are Veeco Instruments Inc. (Nasdaq:VECO), SemiLEDs Corporation (Nasdaq:LEDS) and Aixtron AG (Nasdaq:AIXG).
Cree lowered its guidance for the third quarter, citing lower sales of LED chips and LED components.
The company now sees revenue for the quarter in a range of $215 million to $220 million, down from the $245 million to $265 million previously projected and below the Wall Street consensus of $254.8 million.
Chuck Swoboda, Cree’s CEO and chairman said, "The LED components business appears to be turning the corner. Despite the challenges we faced in Q3, distributor sell-through has improved and we target solid growth next quarter. Based on our preliminary outlook for Q4, we are currently targeting revenue to increase 10 to 12% in fiscal Q4 led by growth in LED components."
Cree was trading at $43.16, plunging $5.84, or 11.92 percent, as of 11:49 AM EDT. Veeco was at $47.57, down $1.76, or 3.57 percent. SemiLEDs Corporation was trading at $15.70, falling $0.79, or 4.79 percent. Aixtron AG was at $40.44, declining $1.25, or 3.00 percent.
Plunging along with Cree today are Veeco Instruments Inc. (Nasdaq:VECO), SemiLEDs Corporation (Nasdaq:LEDS) and Aixtron AG (Nasdaq:AIXG).
Cree lowered its guidance for the third quarter, citing lower sales of LED chips and LED components.
The company now sees revenue for the quarter in a range of $215 million to $220 million, down from the $245 million to $265 million previously projected and below the Wall Street consensus of $254.8 million.
Chuck Swoboda, Cree’s CEO and chairman said, "The LED components business appears to be turning the corner. Despite the challenges we faced in Q3, distributor sell-through has improved and we target solid growth next quarter. Based on our preliminary outlook for Q4, we are currently targeting revenue to increase 10 to 12% in fiscal Q4 led by growth in LED components."
Cree was trading at $43.16, plunging $5.84, or 11.92 percent, as of 11:49 AM EDT. Veeco was at $47.57, down $1.76, or 3.57 percent. SemiLEDs Corporation was trading at $15.70, falling $0.79, or 4.79 percent. Aixtron AG was at $40.44, declining $1.25, or 3.00 percent.
Tuesday, December 21, 2010
Cree (NASDAQ:CREE), Rubicon Technology (NASDAQ:RBCN), AIXTRON (NASDAQ:AIXG), Veeco (NASDAQ:VECO) And Chinese Policy
It appears the Chinese may be changing their policy strategy for energy and power, and may push subsidies from upstream manufacturing toward downstream segments, which would have an impact on Cree (NASDAQ:CREE), Rubicon Technology (NASDAQ:RBCN), AIXTRON (NASDAQ:AIXG) and Veeco (NASDAQ:VECO), among others.
Canaccord said, "We are providing an update on the LED space following some recent noise, rumors and what we perceive as overall confusion in the space regarding the subsidy situation in China. For months now, our view is and has been that the Chinese Central Government is not pulling its subsidies but instead on the verge of a policy change, as part of the 12th 5-year plan to move government funds from upstream manufacturing subsidies toward downstream demand-based subsidies. We view this change as a long-term positive for the LED ecosystem as a whole, including volume LED component pure plays such as Cree (HOLD), Epistar, Formosa Epitaxy and material volume plays such as Rubicon Technology (BUY). In the near term, we also acknowledge the volatility this may cause for the incumbent tool suppliers AIXTRON (HOLD) and Veeco (HOLD) given the current Street expectations and general view that these companies are secular and not cyclical – which is not our view."
"We believe that there still remains a fundamental disconnect between Street expectations of equipment and likely shipments. As such, we feel stock valuations have run up beyond the supporting fundamentals. Given the increase in expectations over past year and the dependence on China to meet these expectations, the subsidy change could serve as a negative catalyst for the upstream tool suppliers. To be clear: we believe 2010 will represent a historical peak for MOCVD orders. Given the share appreciation on misinformation regarding the scale and scope of the Second Cycle and timing of the Third Cycle, we would not be averse to investors using both incumbent MOCVD suppliers as a short-term source of funds – even after recent pullbacks."
Cree, Inc. was trading at $66.48, down $0.78, or 1.16 percent, as of 12:05 PM EST. Rubicon Technology was at $20.01, down $0.33, or 1.62 percent. Aixtron was trading at $33.13, losing $0.82, or 2.42 percent. Veeco was at $40.53, dropping $1.23, or 2.95 percent.
Canaccord said, "We are providing an update on the LED space following some recent noise, rumors and what we perceive as overall confusion in the space regarding the subsidy situation in China. For months now, our view is and has been that the Chinese Central Government is not pulling its subsidies but instead on the verge of a policy change, as part of the 12th 5-year plan to move government funds from upstream manufacturing subsidies toward downstream demand-based subsidies. We view this change as a long-term positive for the LED ecosystem as a whole, including volume LED component pure plays such as Cree (HOLD), Epistar, Formosa Epitaxy and material volume plays such as Rubicon Technology (BUY). In the near term, we also acknowledge the volatility this may cause for the incumbent tool suppliers AIXTRON (HOLD) and Veeco (HOLD) given the current Street expectations and general view that these companies are secular and not cyclical – which is not our view."
"We believe that there still remains a fundamental disconnect between Street expectations of equipment and likely shipments. As such, we feel stock valuations have run up beyond the supporting fundamentals. Given the increase in expectations over past year and the dependence on China to meet these expectations, the subsidy change could serve as a negative catalyst for the upstream tool suppliers. To be clear: we believe 2010 will represent a historical peak for MOCVD orders. Given the share appreciation on misinformation regarding the scale and scope of the Second Cycle and timing of the Third Cycle, we would not be averse to investors using both incumbent MOCVD suppliers as a short-term source of funds – even after recent pullbacks."
Cree, Inc. was trading at $66.48, down $0.78, or 1.16 percent, as of 12:05 PM EST. Rubicon Technology was at $20.01, down $0.33, or 1.62 percent. Aixtron was trading at $33.13, losing $0.82, or 2.42 percent. Veeco was at $40.53, dropping $1.23, or 2.95 percent.
Tuesday, December 14, 2010
Citigroup (NYSE:C) Says Veeco Instruments (Nasdaq:VECO) Peaking
Citigroup Inc. (NYSE:C) cut their price target and rating on Veeco Instruments (Nasdaq:VECO), citing probable removal of subsidies and orders for the company peaking in 2011.
Citi said, "With China's installed base having grown to about 325 tools by 2010 and (about) another 200 tools sitting in backlog as of 2010, China has placed enough orders to grow the installed base to about 525 or slightly more."
The company will probably peak in the current quarter and the first quarter of 2011, said the financial giant. The existing subsidy will probably be removed sometime in the first half of 2011.
The peak is expected because of customers pushing to take advantage of the subsidy before it's removed.
Citi analyst Timothy Arcuri concluded this will result in "creating what is likely a big falloff in orders moving through 2011, ... Customers, we think, are starting to see it too and are trying to pull in big follow-on orders to beat any forthcoming change."
Veeco plunged to $43.67, down $6.30, or 12.61 percent, as of 1:33 PM EST. Citi lowered their price target on them from $52 to $50.
Citi said, "With China's installed base having grown to about 325 tools by 2010 and (about) another 200 tools sitting in backlog as of 2010, China has placed enough orders to grow the installed base to about 525 or slightly more."
The company will probably peak in the current quarter and the first quarter of 2011, said the financial giant. The existing subsidy will probably be removed sometime in the first half of 2011.
The peak is expected because of customers pushing to take advantage of the subsidy before it's removed.
Citi analyst Timothy Arcuri concluded this will result in "creating what is likely a big falloff in orders moving through 2011, ... Customers, we think, are starting to see it too and are trying to pull in big follow-on orders to beat any forthcoming change."
Veeco plunged to $43.67, down $6.30, or 12.61 percent, as of 1:33 PM EST. Citi lowered their price target on them from $52 to $50.
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