China and US agree to extend trade tariff truce, says Li
In a challenging market environment, Veeco Instruments Inc. (NASDAQ:VECO) stock has recorded a new 52-week low, dipping to $25.48. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 3.54, while operating with moderate debt levels. The company, known for its semiconductor and scientific research equipment, has faced headwinds that have pressured its stock price over the past year, culminating in a significant 20.15% decline from the previous year. Despite these challenges, the company remains profitable with a diluted EPS of $1.35, and analysts maintain price targets ranging from $30 to $40. Investors are closely monitoring Veeco's performance as it navigates through the current economic landscape, which has been marked by volatility and shifting investor sentiment in the technology sector. For deeper insights and additional ProTips on VECO's valuation and growth prospects, explore the comprehensive research available on InvestingPro.
In other recent news, Veeco Instruments has revised its Q4 and full-year 2024 guidance. The company now expects Q4 revenue to range from $175 to $185 million, and full-year revenue to be between $710 to $720 million. Adjusted GAAP diluted earnings per share for Q4 are now projected to be between $0.09 to $0.28, with full-year 2024 GAAP diluted earnings per share estimated to be in the range of $1.07 to $1.26.
Veeco Instruments has also secured a partnership with PlayNitride, a pioneer in MicroLED technology, and anticipates minimal impact from new U.S. export regulations on its business in China. Analysts at Citi have upgraded Veeco Instruments, citing a potential rebound in the company's fundamentals. However, Needham has adjusted its price target for Veeco Instruments to $35, maintaining a Buy rating, despite forecasting a 6% revenue decline in 2025. These are recent developments in the company's financial trajectory.
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