UPDATE: Canaccord Genuity Downgrades GT Advanced Technologies to Hold, Lowers PT

In a report published Wednesday, Canaccord Genuity downgraded its rating on GT Advanced Technologies GTAT from Buy to Hold, and lowered its price target from $9.00 to $6.00. Canaccord Genuity noted, “Despite the recent optimism and announcements, after speaking with many companies within the sapphire supply chain we conclude that the sapphire cover glass opportunity is not a near-term possibility using GTAT's ASF method. As we have previously indicated, this is an opportunity about which handset makers are seriously inquiring. However, our meetings suggest this is Apple-driven and Samsung is heading towards more of a plastic-based OLED approach.” GT Advanced Technologies closed on Tuesday at $5.65.