UPDATE: Canaccord Genuity Lowers PT to $5.50 on GT Advanced Technologies on Pre-Announcement

Canaccord Genuity reiterated its Hold rating on GT Advanced Technologies

and lowered its price target from $6 to $5.50. Canaccord Genuity noted, "This morning GT issued a negative preannouncement and announced a restructuring of the business. … Revenues are expected to be at the low end of the company's previous guidance of $110M-$140M. Consensus is at $123M and we are at $125M. … Given the company's high cash position we see shares remaining range-bound. We will remain on the sidelines until new opportunities emerge as we do not foresee a recovery in the core business in the immediate term." GT Advanced Technologies closed at $5.12 on Friday.