Canaccord Genuity Cuts Price Target on GT Advanced Tech (GTAT); Pockets of Concern Remain

Canaccord Genuity maintains a 'Hold' on GT Advanced Tech (NASDAQ: GTAT) price target lowered from $9 to $5.

Analyst, Jonathan Dorsheimer, said, "GT issued CY guidance on its earnings call that was below expectations but likely achievable given the large March quarter already on the books. Our concern still lies post 2012 when the sapphire furnace momentum likely begins to roll off. We see the market as saturated and do not expect many additional orders here. We see the same trends in Poly and PV. Despite a very large poly backlog, polysilicon suppliers are generally cutting CAPEX and pushing out orders."

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 $4.49 yesterday.

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