CLSA cuts its rating on LED equipment maker Veeco (VECO -6.8%) to Sell, citing increased downside risk once investors realize an order recovery is not just around the corner. The firm sees a V-shaped recovery as “highly unlikely” given the magnitude of sector over-investment in 2009-2011 and capital intensity compression expected in 2012. Also: AIXG -4.9%, CREE -3.9%.
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