NEW YORK (TheStreet) -- GT Advanced Technologies (GTAT) rose to an all-time high of $18.51 as of 12:20 p.m. on Tuesday as the company, which makes equipment for producing polysilicon and also produces Sapphire, continued to climb on the strength of a report from Canaccord on Monday.
The firm attended GT's analyst event on March 14 and now expects the company's results to surpass analysts' expectations because the company should benefit from the recovery of the solar energy market. Canaccord also stated GT's new technologies could increase its revenue by several billion dollars per year. In addition, these new products should decrease the company's risk by diversifying its offerings. GT could also benefit from its possible deal with Apple (AAPL) to supply sapphire displays for the next generation of iPhones and other smart devices.
Canaccord maintained its $21 price target and "buy" rating on GT.
Must Read: Warren Buffett's 10 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV