LED/solar/hard drive equipment maker Veeco Instruments (VECO +4.6%) is rallying on an upgrade to...

|About: Veeco Instruments Inc. (VECO)|By:, SA News Editor

LED/solar/hard drive equipment maker Veeco Instruments (VECO +4.6%) is rallying on an upgrade to Buy from Stifel. The firm, which is setting a $48 PT, thinks LED industry conditions are unlikely to worsen from here, even if it doesn't expect an immediate rebound, and argues Veeco's low valuation (it trades at less than 8x trailing EPS, though earnings are declining) limits downside.