UBS Maintains a 'Buy' on GT Advanced Tech (GTAT); Solid Execution Despite Solar Downturn

UBS maintains a 'Buy' on GT Advanced Tech (NASDAQ: GTAT) price target raised from $9 to $11.

UBS analyst says, "Polysilicon reactor sales are strong, LED furnaces seeing some pushouts...New solar furnaces MonoCast and HiCz are future growth drivers...We have more confidence that GT’s backlog of $2.2B provides visibility and raise our FY12 and FY13 EPS to $1.45 and $1.38 versus $1.40 and $1.13 previously. GT expects $1.4B backlog roll off over the next 12 months but we estimate new orders keep its backlog around $1B in a normalized environment."

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 $9.08 yesterday.

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