GT Advanced Technologies Downgraded By Raymond James

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Pavel Molchanov of Raymond James
talked on CNBC's Fast Money
about the reasons behind his downgrade of
GT Advanced TechnologiesGTAT
. He thinks that the iPhone 6 news are fully priced in and the stock is fairly valued. GT Advanced Technologies jumped 110% year-to-date and it was in anticipation of Sapphire sales to
AppleAAPL
. The company announced that it is planning to sell around $500 million worth of Sapphire to Apple and none of it happened so far. Another question is how well is Sapphire going to sell. Since the news about iPhone is already priced in, any failure to materialize these expectations would be a reason for a sell-off. GT Advanced Technologies fell 4.79% on Thursday and it closed at $17.68.
Posted In: CNBCMediaPavel MolchanovRaymond James
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