Veeco Instruments Inc. (VECO) Plunges 5.69% to 1-Year Low After Citigroup Cuts Price Target

Veeco Instruments Inc. (VECO) shares fell 3.29% today, reaching their lowest level since October 2022 with an intraday decline of 5.69%.
Citigroup recently adjusted its price target for
, lowering it from $33.00 to $30.00. This reduction in the price target could have contributed to the stock reaching a new 1-year low. The adjustment by reflects a change in the firm's outlook for the company, which may have influenced investor sentiment and led to the decline in the stock price.Veeco Instruments is a leading provider of process equipment solutions for the semiconductor, data storage, and solar industries. The company's products are used in the manufacturing of advanced semiconductor devices, hard disk drives, and solar cells. The recent decline in the stock price may be attributed to concerns about the company's future performance and the overall market conditions in the semiconductor industry.
Investors are closely monitoring the developments in the semiconductor industry, as the sector faces challenges such as supply chain disruptions and geopolitical tensions. These factors can impact the demand for Veeco Instruments' products and services, and may contribute to volatility in the stock price. The company's ability to navigate these challenges and maintain its competitive position in the market will be crucial for its future performance.

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