DeZwarteRidder schreef op 21 augustus 2014 15:16:
August 20, 2014, 10:40 A.M. ET
GT Advanced Falls 3%; Credit Agricole Cuts Stock To Underperform
By Johanna Bennett
GT Advanced Technologies (GTAT) has been a gem for investors, tripling in value during the past year thanks to Apple’s (AAPL) interest in sapphire.
The next iPhone expected to hit stores in September will reportedly use the material to make its screen tougher and more scratch resistant. GT is building a manufacturing facility in Arizona in partnership with the tech icon to produce sapphire.
Today, GT got knocked down a peg, falling 3% to $17.85 after Credit Agricole downgraded the stock from Outperform to Underperform and set a $19 target price.
We are still waiting to get ahold of the research note. But according to reports in SeekingAlpha, the downgrade comes a month after the same firm lowered its estimates for GT, citing potentially low sapphire yields at the company’s facility in Meza, AZ.
Worries about GT’s ability to meet Apple’s demand led the WSJ’s Heard on the Street column to weigh in cautiously on the stock earlier this week.