Raymond James Drops Coverage of GT Advanced (GTAT) (GTATQ) Following Delisting; Reiterates Equity Likely 'Worthless'

Raymond James analyst Pavel Molchanov is dropping coverage on GT Advanced Technologies (OTC: GTATQ) - prior (NASDAQ: GTAT) - as NASDAQ is de-listing the shares today following the company's Chapter 11 bankruptcy filing last Monday. GT Advanced Technologies is not appealing the NASDAQ's ruling on this matter. As a result of the de-listing, the firm is dropping coverage of the stock.

"As we wrote last week after the bankruptcy filing, it remains our view that the equity will be worthless at the end of the bankruptcy process," Molchanov said.

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