The first line from Canaccord Canaccord Genuity analyst, Jed Dorsheimer's note on Rubicon Technology (NASDAQ: RBCN) says it all: "We cannot become more constructive on Rubicon until the sapphire market turns".

Rubicon reported Q3 revenues of $5.3M, down 25% sequentially from $7.1M and down 33% y/y from $8M. On the bottom line, GAAP EPS were $(1.84). Non-GAAP EPS were $(0.29) compared to consensus of $(0.28).

The company guided Q4 revenue to be between $2M and $3M with GAAP EPS around $(0.30).

The firm maintained a Hold rating and price target of $1.05 (from $1.65).

For an analyst ratings summary and ratings history on Rubicon Technology click here. For more ratings news on Rubicon Technology click here.

Shares of Rubicon Technology closed at $1.21 yesterday.