Market Overview

UPDATE: Piper Jaffray Cuts PT to $10 on GT Advanced Technologies Post Guidance Delay

Related GTAT
Markets Reverse Early Morning Losses; Still Lower On The Day
The Sun Never Sets On Blackstone Group LP

Piper Jaffray reiterated its Overweight rating on GT Advanced Technologies (NASDAQ: GTAT) but reduced its price target from $19 to $10.

Piper Jaffray noted, "Given management's delayed guidance until December and concerns about customer financing, we take a more conservative approach to our FY12/13 estimates. As outlined previously, we expect $400m in poly while our shipment estimates for sapphire indicate another $400m in revenue. We believe PV is likely flattish at $44m in FY13, contributing to $848m in revenue and $1.02 in EPS. Our PT moves lower to $10 ($19 previously), based on an unchanged 10x FY13 EPS."

GT Advanced Technologies closed at $4.19 on Tuesday.

Posted-In: Piper JaffrayAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (GTAT)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters