Goldman Sachs Reiterates on Veeco Instruments as Filing Avoids De-Listing, Reveals Need for Big Estimate Cuts

In a report published Tuesday, Goldman Sachs analyst Brian Lee reiterated a Sell rating and $24.00 price target on Veeco Instruments (NASDAQ: VECO).

In the report, Goldman Sachs noted, “Earlier today, Veeco filed current 10-Qs for 3Q12, 1Q13, and 2Q13, plus its 10-K for 2012. We expect the company to file its 3Q13 results in the next 1-2 weeks. Recall, in mid-November 2012, the company announced it was unable to file its 3Q12 10-Q due to discrepancies regarding revenue recognition timing on MOCVD system sales and related upgrades and has been directing an internal accounting review since that time. With today's filings, Veeco avoids a NASDAQ de-listing, set to occur on November 4.”

Veeco Instruments closed on Monday at $32.29.