UPDATE: Jefferies Initiates Coverage on GT Advanced Technologies at Underperform

A report from Jefferies states that it has initiated coverage on GT Advanced Technologies GTAT with an Underperform rating and a $5 price target. In the report, Jefferies writes, “Our $5 PT is based on 4.0x our C2013E EPS estimate of $1.28. Our target multiple is at a discount to GTAT's peers, which is justified by the oversupply situation in both solar and LED markets, risk of order cancellations, and margin pressure”. GTAT closed yesterday at $7.71.