UPDATE: Jefferies Upgrades GT Advanced Technologies to Hold; Risks Largely Priced In

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Jefferies upgraded GT Advanced Technologies (NASDAQ: GTAT) from Underperform to Hold.Jefferies commented, "We are cutting our numbers and end market demand in solar and LEDs remains uncertain with additional backlog risk, however, with the stock trading at ~1.0x book value risks are largely priced in, though several quarters of negative cash flow and backlog risk are likely to keep investors on the side-lines. Multiple drivers for 2H13/14 (sapphire for display and polysilicon) exist however we look for more demand visibility to become more positive on the shares."GT Advanced Technologies closed at $3.14 on Wednesday.

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