Analysts At Cowen Express Concern Over GT Advanced Technologies; Shares Move Higher Regardless

On Monday

The Guardian reported that production of Apple's iPhone 6 with a sapphire cover glass are expected to enter large-scale production this month. The sapphire material will be produced by GT Advanced Technologies GTAT in its Mesa, Arizona facility. Shares of GT Advanced Technologies have risen substantially year to date as investors have been speculating for months that GT Advanced would be a key Apple partner. Apple has not officially announced the details of its iPhone 6, meaning that GT Advanced deal with Apple is not public data. Analysts at Cowen aren't yet convinced. On Monday,

Timothy Arcuri

at Cowen speculated that sapphire supply remains “very constrained” and that less than ten percent of total iPhone 6 units in upcoming introduction will include sapphire coverings. The analyst adds that sapphire will initially be included in only the highest-end SKUs for both the 4.7-inch and 5.5-inch iPhone devices. Shares of GT Advanced Technologies were trading higher by 1.43 percent at $18.49 on Tuesday morning.

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