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

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Piper Jaffray reiterated its Overweight rating on GT Advanced Technologies
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: Analyst ColorPrice TargetIntraday UpdateAnalyst RatingsPiper Jaffray
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