UPDATE: Canaccord Reiterates Hold Rating, Lowers PT for GT Advanced Technologies

In a daily letter published earlier today, Canaccord Genuity reiterated its Hold rating for GT Advanced Technologies Inc.

and lowered its price target from $9.00 to $5.00. Canaccord went on to say “GT is investing heavily to create or seed new materials markets. Given its “three for three” track record in capturing the PV, Poly and Sapphire bubbles we believe the company can be successful in high-power devices, GaN substrates and the like; however, we are not yet comfortable with the size of these new markets and find it unlikely they will seamlessly fill the gap as the other two markets are rapidly slowing.” GT Advanced Technologies Inc. closed yesterday at $4.49.