UPDATE: Canaccord Downgrades GT Advanced Technologies

In a note released Monday, Canaccord analyst Jonathan Dorsheimer downgraded shares of GT Advanced Technologies GTAT from Buy to Hold and maintained a $20 price target.

Dorsheimer is doubtful that GT will see upside in its 2016 EPS unless Apple uses sapphire in all of its iPhone and iWatch models. Moreover, he says it is unlikely that the iPhone 6 introduction will initially feature sapphire displays in materials volumes.

Analysts at UBS also issued a downgrade on GT Advanced Technologies.