Veeco Instruments Q2 revenue beats estimates on AI-driven demand

The current average analyst rating on the shares is "buy", with a breakdown of 1 strong buy or buy, 3 hold and no sell or strong sell ratings.

The average consensus recommendation for the semiconductor equipment & testing peer group is "buy". Wall Street's median 12-month price target for Veeco Instruments Inc. is $57.50, about 6.9% above its August 4 closing price of $53.80.

The stock recently traded at 21 times the next 12-month earnings, versus a P/E of 27 three months ago.

Veeco Instruments said second-quarter revenue rose year over year and beat analyst expectations, helped by AI-driven demand.

The semiconductor equipment maker reported Q2 revenue of $193.50 million, compared with consensus estimates of $180.11 million from four analysts. Adjusted net income for the quarter was $21.80 million, also above the expected $16.34 million.

Q2 EPS was and net income was .