Why Veeco Instruments Stock Crushed it Last Month
Veeco Instruments (NASDAQ:VECO), a rather niche manufacturer of equipment used to make semiconductors and hard disk drives, wasn’t very niche in the eyes of many investors in September. A recommendation upgrade by a now-very-bullish analyst earned the company plenty of attention, and its stock became a popular item. Across that summer-to-fall month, Veeco’s share price rose by a sturdy 17%. And to me, it still looks inexpensive.
The person behind the upgrade was Northland’s Gus Richard. He pushed his Veeco rating up one peg to outperform (read: buy) from market perform (hold), maintaining his price target of $66 per share.
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