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VECO

Veeco

$19.78

0.03 (0.15%)

08:09
10/05/16
10/05
08:09
10/05/16
08:09

Veeco announces cost reduction initiatives, sees Q3 EPS impact of $1.44-$1.59

Veeco announced additional cost reduction initiatives with the decision to significantly reduce future investments in its Atomic Layer Deposition, or ALD, technology development. This action reflects the company's ongoing focus to balance technology investments with the potential for associated revenue realization. ALD cost reduction activities are expected to be complete by year end 2016 and are in addition to the previously announced restructuring plans, which targeted $20M in annualized savings. In total, these initiatives are expected to generate $30M in annualized savings. "While we have continued to make progress with our ALD technology development for advanced semiconductor applications, the expected timing for revenue realization has been delayed," said John Peeler, chairman and CEO. "Consequently, we have made the difficult decision to lower investments in our ALD program. We plan to retain the intellectual property and technology capabilities and continue to assess future market opportunities." In Q3, the company expects to record total asset impairment and restructuring charges of between $56M-$62M, or $1.44-$1.59 on a per share basis. Of these charges, the vast majority are non-cash relating to an intangible ALD asset impairment, while approximately $2M are cash restructuring charges.

  • 07

    Nov

  • 14

    Nov

VECO Veeco
$19.78

0.03 (0.15%)

05/13/16
05/13/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Cree (CREE) initiated with a Sector Weight at Pacific Crest by analyst Daniel Baksht, who said the company should benefit from its exposure to LED lighting, but competition for market share is fierce. 2. Veeco (VECO) initiated with an Overweight at Pacific Crest because analyst Daniel Baksht believes the lighting industry is on the cusp of a positive inflection and has high conviction for a rebound in demand by 2017 for Veeco. 3. Howard Hughes (HHC) initiated with a Buy at Citi by analyst Will Randow, who said the stock is underfollowed, undervalued and not fully understood. He said this creates a compelling investment opportunity. 4. Prothena (PRTA) initiated with an Overweight at Barclays with analyst Geoff Meacham saying that near-term data for the company's hermatology drug should de-risk the program and increase confidence in the probability of success. 5. TESARO (TSRO) initiated with an Outperform at Credit Suisse by analyst Alethia Young, who said shares are attractive in the upcoming niraparib Nova study readout for ovarian cancer in Q2. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/23/16
JPMS
05/23/16
NO CHANGE
JPMS
Neutral
Aixtron bid mild negative for Veeco, says JPMorgan
JPMorgan analyst Paul Coster views a Chinese Investment fund's bid to acquire Aixtron (AIXG) as a mild negative for peer Veeco (VECO). Aixtron's operations are unlikely to be disrupted by the potential deal while its relationships with customers in the Asia Pacific region, particularly China, may be strengthened, the analyst contends. Coster keeps a Neutral rating on Veeco.
05/24/16
05/24/16
NO CHANGE

Veeco should maintain leadership after competitor acquired, says Pacific Crest
After Aixtron (AIXG) announced that it had agreed to be acquired by a Chinese investment fund, Pacific Crest says it's unsure about how the deal will affect Aixtron. However, the firm does not expect the deal to alter Veeco's (VECO) status as the market leader in developing equipment used by LED chip makers. It continues to recommend buying Veeco's stock and keeps a $23 price target o nthe shares.
08/02/16
DBAB
08/02/16
UPGRADE
Target $22
DBAB
Buy
Veeco upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Vishal Shah upgraded Veeco Instruments to Buy saying that while the Q2 results were soft, management suggested a meaningful improvement in MOCVD bookings environment in Q3. The analyst expects the stock's positive momentum to continue in the near term and he raised his price target for the name to $22 from $16.

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