- Veeco posted another beat-and-raise quarter, with a record quarter for Data Storage and a near-record for Semiconductor on strong equipment demand for chip and disk drive manufacturing tools.
- Data Storage could soften in 2022 as drive companies "digest" recent capacity expansion, but there are growth opportunities across Semiconductor and Compound Semiconductor, including packaging, LSA, and MOCVD.
- Near-term growth and margins can support a mid-$20s fair value, while DCF argues for long-term annualized potential in the double digits.
For further details see:
Veeco Instruments Leveraging Increased Demand Well, But The Market Doesn't Care