“GT Advanced Technologies (GTAT) stock was up 2.5% in early afternoon trading in the stock market today, after Canaccord Genuity reiterated its buy rating on the shares based on the firm’s possible opportunities as a supplier of sapphire displays for Apple’s (AAPL) iPhone 6 and other smart devices,” Doug Tsuruoka reports for Investor’s Business Daily.
“Unconfirmed reports say Apple will use strong, scratch-resistant sapphire crystal displays in its next iPhone, expected to be called the iPhone 6,” Tsuruoka reports. “‘We reiterate our buy rating on GTAT shares as we believe the Apple opportunity plus the recovery in the solar market should allow the company to exceed Street expectations,’ Canaccord analysts Jonathan Dorsheimer and Josh Baribeau wrote in a Monday research note. ‘Additionally, GT has an increasing number of ‘irons in the fire,’ which reduces diversification and customer concentration risks.’ Canaccord has a target price of 21 on GT shares.”
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