Veeco price target lowered to $38 from $42 at Benchmark

Benchmark lowered the firm’s price target on Veeco (VECO) to $38 from $42 and keeps a Buy rating on the shares. Non-GAAP EPS of 46c was one cent above investor expectations, while sales of $184.8M were $4.3M above expectations, but the mid-point of the company’s Q4 guidance was below investor expectations, the analyst noted. Following the report, the firm has reduced its 2025 estimates and now see non-GAAP earnings growing 8% year-over-year to $1.90 per diluted share.