Piper Jaffray: Buy GT Advanced Technologies Ahead Of iPhone Launch

Shares of GT Advanced Technologies GTAT were trading higher Tuesday morning following a positive report by analysts at Piper Jaffray.

Mike Ritzenthaler of Piper Jaffray resumed coverage of GT Advanced Technologies with an Overweight rating and $23 price target.

The analyst recommends owning shares of GT into the upcoming iPhone 6 introduce. Shares are expected to react "sharply" to newsflow about the company's sapphire content in the upcoming iPhone.

GT announced earlier this month that its Arizona sapphire manufacturing facility , built in partnership with Apple AAPL, is nearly complete.

According to Appleinsider, Apple is "expected to soon deploy the hard material on a wider scale."

According to Ritzenthaler's report, only the 64 GB version of iPhone 6 may contain sapphire. The analyst is expecting 30 percent of all iPhones sold in the third and fourth quarter may contain sapphire.

Shares of GT were trading higher by 3.2 percent at $18.52 Tuesday morning.

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Posted In: Analyst ColorNewsAnalyst RatingsiPhone 6Mike RitzenthalerPiper Jaffray
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