Needham analyst Y. Edwin Mok raised his price target for Veeco (VECO) to $36 from $30 based on improved industry outlook in the LED space and positive announcements by Ultratech (UTEK), suggesting business momentum for the acquisition target. Further, the analyst notes that recent checks and datapoints in the LED space suggest strengthened demand with multiple leading LED makers reporting full utilization. As a result, Mok sees increased appetite for capacity additions, which should support stronger MOCVD demand in the coming quarters. He reiterates a Buy rating on Veeco's shares.