UPDATE: Stifel Nicolaus Reduces PT to $10 on GT Advanced Technologies on Soft Q1

Stifel Nicolaus reduces its price target on GT Advanced Technologies

from $14 to $10. Stifel Nicolaus says, "GT reported March quarter results with lower than expected revenues and earnings. While order cancellations remained limited, ASF furnace shipments were lower than expected, and the company's guidance for the balance of CY12 indicates that this shipment pace is likely to remain modest through the end of 2012. With transitions on the GT's key end-markets in 2012, we see catalysts for the stock improving in 2013 in both sapphire and solar segments, with opportunities in areas like silicon carbide potentially adding to them. We highlight that GT's balance sheet remains solid and stock remains attractively valued on reduced estimates, in our view." GTAT closed at $4.49 on Thursday.