UPDATE: Raymond James Downgrades GT Advanced Technologies to Underperform as iPhone News is Priced In

In a report published Thursday, Raymond James analyst Pavel Molchanov downgraded the rating on

(NASDAQ:

) from Market Perform to Underperform. In the report, Raymond James noted, “We are downgrading GT from Market Perform to Underperform, following the stock's exceptionally strong YTD gain of 113%. This tactical rating change is not a fundamental statement on either GT's Apple relationship or its solar opportunities. However, on both fronts, we have a hard time seeing incremental news-flow that would support much upside in the stock. In fact, our bias is to the downside, particularly given valuation that – even on 2016 numbers – looks quite pricey. Bottom line: we think it's time to take profits.” GT Advanced Technologies closed on Wednesday at $18.57.