Analyst Mark Miller from Benchmark Co. maintained a Buy rating on Veeco and keeping the price target at $28.00.
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Mark Miller has given his Buy rating due to a combination of factors that highlight Veeco’s potential for growth despite the recent surge in tech hardware stocks. While many stocks in this sector have seen significant gains, Miller identifies Veeco as a standout opportunity within his coverage.
Veeco is a key supplier of ion beam deposition and etch tools for hard drive manufacturers. Although the company does not anticipate orders for these tools this year, the booming sales of Nearline hard drives, driven by cloud and data center demand, suggest future capacity orders. Additionally, Veeco has reported strong performance in wet processing, supported by AI, HBM, and mobile applications. The company’s sales related to advanced packaging and gate-all-around technologies are projected to double by 2025. Furthermore, Veeco is working on five qualifications, each with the potential to generate substantial follow-on orders, and aims to secure an additional DRAM customer for its laser anneal tools.
In another report released on August 8, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $26.00 price target.