UPDATE: Canaccord Genuity Initiates Coverage on GT Advances Technologies
A report from Canaccord Genuity states that it has initiated coverage on GT Advances Technologies (NASDAQ: GTAT) with a Hold rating and $9 price target.
The report says, “We believe GT has a strong management team that will continue to add value to the company; however, we feel that current market expectations are in the process of being reset. GT is the leading equipment supplier to a market that we predict could require approximately $4 billion in equipment sales over the next five years, consisting of 500 CVD reactors for $2 billion, 1,500 DSS ingot furnaces for $1 billion and up to 2,000 sapphire furnaces for $1.3 billion.”
GTAT closed yesterday at $8.27.
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