NEW YORK (TheStreet) -- GT Advanced Technologies
(GTAT) price target was increased to $24 from $20 by Goldman Sachs
(GS - Get Report) on Wednesday. The firm also reiterated their "buy" rating for the company.
GT Advanced Technologies is up 4.4% to $18.15 in premarket trading this morning.
Must Read: Warren Buffett's 10 Favorite Stocks
GT Advanced Technologies recent deal with Apple
(AAPL - Get Report) was the reason for the price target increase.
"We believe investor focus on GTAT's Apple opportunity - a key part of our thesis - is well deserved, but has created a dynamic in which the company's 'core' equipment segment is underappreciated. We continue to see a next-gen iPhone worth $15/share alone in a base-case with an upside case of over $25." Goldman Sachs said.
Apple signed a $578 million deal with the company in November that made the independent electronic device parts manufacturer the sapphire glass producer for Apple's yet to be released iPhone 6.
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts