NEW YORK (TheStreet) -- GT Advanced Technologies
(GTAT) price target was increased to $24 from $20 by Goldman Sachs
(GS) 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.
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GT Advanced Technologies recent deal with Apple
(AAPL) 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.
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