Veeco initiated with a Buy at Citi

Citi initiated coverage of Veeco with a Buy rating and $35 price target. Given an expansion in the laser anneal addressable market, new laser anneal design wins in memory, and higher advanced packaging sales, the firm believes Veeco’s semiconductor equipment business that accounts for about 65% of sales should outperform the wafer fab equipment, or WFE, market by about 300 basis points in 2024, the analyst tells investors.