UPDATE: Canaccord Genuity Raises PT on Rubicon Technology on Global Sapphire Supply-Demand Forecasts

In a report published on Wednesday, Canaccord Genuity analyst Jonathan Dorsheimer raised the price target on Rubicon Technology from $10 to $12 and maintained a Buy rating. In the report, Canaccord Genuity stated, "We see a tightening in the market for sapphire ingots, driven by increased LED penetration of general lighting with continued strength in backlighting due to implementation of 4K resolution and slower adoption of OLED. We also continue to see further use of SoS RFICs and growth in sapphire camera lenses." Rubicon Technology closed on Wednesday at $7.85.