UPDATE: Canaccord Genuity Upgrades GT Advanced Technologies to Buy, Raises PT Following Detailed Cost Analysis

In a report published Thursday, Canaccord Genuity analyst Jonathan Dorsheimer upgraded the rating on

from Hold to Buy, and raised the price target from $4.00 to $5.00. In the report, Canaccord Genuity noted, “Upon a detailed cost analysis, we conclude that the effective capacity in polysilicon is much less than aggregate nameplate capacity would otherwise indicate. We are by no means expecting an explosion in solar demand; however, we can still foresee a tightening in polysilicon as soon as 2015 with modest solar installation growth. While economics throughout the supply chain should remain challenging, a tightening upstream could lead to more polysilicon equipment orders within the next year to 18 months.” GT Advanced Technologies closed on Thursday at $3.61.