As previously reported, Needham analyst Y. Edwin Mok upgraded Veeco (VECO) to Buy from Hold, with a $30 price target, based on his favorable view of the Ultratech (UTEK) acquisition and his updated view of the MOCVD space. The analyst believes the deal adds multiple growth vectors and sees sizable accretion driving upside to management's conservative targets. While the stock has seen a sizable rebound since bottoming last summer, Mok believes estimates will move higher as Veeco's business confirms the improved market conditions and the Ultratech integration delivers upside to targets.