B of A raises GTAT Target $18.50 to $21.50

Posted: March 11, 2014 by mattmargolis24 in GTAT Investor Information
Tags: , ,

3rd upgrade since 2/24/14 from B of A

In a report published today BofA Merrill Lynch raised the price target on GT Advanced Technologies (GTAT) to $21.50 from $18.50 and Reiterated its “Buy” rating on the stock.

“GTAT announced a new agreement with Cosmos Chemicals Berhad to supply poly reactor and technology (we estimate FBR technology to make TCS, Siemens to make silicon) worth $336M for a 25K MT/annum polysilicon facility in Malaysia. Given that GTAT’s polysilicon backlog was ~$300M exiting C4Q13 and the orders were well below that, this news is incremental, in our view. This also highlights the fact that GTAT is more than just an AAPL supplier.” BofA Merrill Lynch said

“We reiterate our Buy rating. GTAT should benefit as the supplier of Sapphire for mobile applications to AAPL, the polysilicon reactor (non-sapphire) segment bottomed out in the December quarter (4Q13 revs 98% below the peak in C1Q12). As fundamentals improve, the rev/EPS should recover off the trough levels in CY13.” it added

http://www.theeconomicdaily.com/2014/03/11/bofa-merrill-lynch-raises-price-target-on-gt-advanced-technologies-to-21-50/

Tweet</a

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s