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Why GT Advanced Technologies (GTAT) Stock Is Up Today

NEW YORK (TheStreet) -- GT Advanced Technologies  (GTAT) rose Thursday after the company announced new partnerships to expand its portfolio of sapphire and silicon carbide solutions.

The company announced it had entered into a memorandum of understanding with European-based EV Group, which specializes in specialty bonding and material handling equipment. It also announced a partnership with an unnamed leading glass substrate producer to develop specially engineered substrate materials. Finally, the company announced it has acquired patent-pending technology for developing low-cost, scratch-resistant aluminum oxide coatings for substrates that include glass and plastics.

Furthermore, UBS found that GT's Arizona factory has begun production on minor amounts of sapphire for one of Apple's  (AAPL) partners in China. UBS believes the factory is producing on schedule and expects the company to increase its full-year guidance for 2014 to the high end of the $600 million to $800 million range. The firm has a "buy" rating and $22 price target on GT.

Must Read: Warren Buffett's 10 Favorite Growth Stocks

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The stock was up 6.08% to $17.62 at 1:01 p.m. GTAT Chart

GTAT data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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