UPDATE: Up 8%, GT Advanced Technologies Coverage Initiated by Goldman Sachs
Brian Lee, Goldman Sachs analyst, announces initiation of coverage GT Advance Technologies (NASDAQ: GTAT) with a Buy rating and a price target of $20.
The initiation follows a recent catalyst of Apple's next-gen iPhone launch coming this fall. GTAT will be supplying sapphire materials as part of the display cover design for the new iPhone.
The report notes, "While GTAT has historically been an equipment supplier for LED/solar markets, our positive view stems from GTAT's multi-year evolution –still in its early stages– into a sapphire materials supplier with an anchor customer (Apple). Our analysis suggests a next-gen iPhone opportunity, likely in 2H14, is worth over $15/share to GTAT in a base-case with a $25+ benefit in a full penetration scenario."
GTAT previously closed at $15.04 and opened up 8% higher at the $16.30 mark.
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