UBS Maintains a 'Buy' on GT Advanced Tech (GTAT); Orders and Shipments Likely to Resume 2H

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UBS maintains a 'Buy' on GT Advanced Tech (NASDAQ: GTAT) price target of $6.00 (from $7.00).

Analyst, Stephen Chin, said, "GT reported solid sales and EPS despite net orders of -$18M (gross orders of $14M with debookings of -$32M) as backlog worked down from $1.8B to $1.6B. We agree with GT’s 2H12 view of higher sapphire furnaces shipments and new orders as our analysis finds that China LED factory utilization rates are 60-70%. But, 2H12 gross margin on sapphire furnaces may stay at 31% versus 42% prior as we estimate GT is providing $9M/qtr of consumables to LED customers at cost."

For an analyst ratings summary and ratings history on GT Advanced Tech click here. For more ratings news on GT Advanced Tech click here.

Shares of GT Advanced Tech closed at $4.76 yesterday, with a 52 week range of $3.92-$12.79.

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