Stifel analyst Patrick Ho upgraded Veeco Instruments to Buy from Hold with a price target of $18, up from $14. With the recent market pullback, the stock is at more attractive valuations, Ho tells investors in a research note. Further, the analyst is more confident on Veeco's turnaround story. The company's percentage of revenues from China is declining as it has shifted its MOCVD strategy over the past few years and its direct impact from the supply chain is limited, contends Ho. The analyst believes Veeco's restructuring work on its operating model is generally complete and is "more comfortable today that it can capitalize upon its growth opportunities."