UPDATE: Jefferies Upgrades GT Advanced Technologies to Hold; Risks Largely Priced In

Jefferies upgraded GT Advanced Technologies

from Underperform to Hold. Jefferies commented, "We are cutting our numbers and end market demand in solar and LEDs remains uncertain with additional backlog risk, however, with the stock trading at ~1.0x book value risks are largely priced in, though several quarters of negative cash flow and backlog risk are likely to keep investors on the side-lines. Multiple drivers for 2H13/14 (sapphire for display and polysilicon) exist however we look for more demand visibility to become more positive on the shares." GT Advanced Technologies closed at $3.14 on Wednesday.