Needham starts Veeco at Buy, sees turnaround efforts succeeding

As previously reported, Needham analyst Charles Shi initiated coverage of Veeco with a Buy rating and $35 price target. The company’s turnaround efforts are succeeding and the long-term growth driven by the adoption of Veeco’s unique technologies such as laser anneal, ion beam deposition and advanced packaging lithography is transforming the company, the analyst tells investors in a research note. Investors should take a “fresh look” at Veeco shares as the company will look very different as its strategic turnaround progresses, the firm added.