Canaccord Still Positive on GT Advanced Technologies (GTAT); New Products Have Billions in Revenue Potential

Canaccord Genuity maintains GT Advanced Technologies (Nasdaq: GTAT) at Buy with a price target of $21 following a meeting with management last week.

Analyst Jonathan Dorsheimer noted that GTAT management reaffirmed guidance and introduced a series of new products which could open up billions of revenue opportunities. The analyst said, GT introduced newer, larger more efficient versions of its existing products as well as a few new products and end markets. The company is insistent that these technologies all work and available for customers this year or next and are not still in testing or project stages. GT no longer just supplies crystal growth equipment it is also working on coatings, advanced materials and the processing of these advanced materials. GT estimates that the products described today and in the future could add more than $3B in market potential.

Given the size of the Apple deal we continue to expect a significant mix of materials in GT’s revenue, but the company is not giving up on equipment. The company remains committed to providing equipment and solutions for multiple markets, many with a focus on a green or sustainable theme, Dorsheimer commented.

GTAT sees the photovoltaic market tightening within the next one or two years.

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 $16.81 yesterday.

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