This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

GT Advanced Sinks Following Downgrades at UBS, Canaccord

NEW YORK (TheStreet) -- Shares of GT Advanced Technologies (GTAT), which makes sapphire products and solar energy equipment, are sinking after research firms UBS and Canaccord downgraded the stock in notes to investors earlier today.

WHAT'S NEW: After conducting checks, UBS analyst Stephen Chin reported that GT Advanced had shipped much less sapphire from its Arizona plant in May than he had expected. Moreover, the increase in shipments from the plant slowed significantly compared with April, the analyst added. The lower than expected shipments in the second quarter of the year will make it more difficult for the company to meet the high end of its 2014 sales guidance of $600M-$800M, Chin stated. To meet its sales guidance, the sapphire product maker will need to sharply increase its sales to Apple (AAPL) in Q4, the analyst indicated. He reduced his 2014 revenue estimate for GT Advanced to $700M from $800M and cut his EPS estimate for the sapphire maker to 12c from 17c. The firm downgraded the stock to Neutral from Buy, however, Chin kept his price target on the stock at $22.

WHAT'S NOTABLE: Also downgrading GT Advanced today was research firm Canaccord. The firm cut its rating on the stock to Hold from Buy, citing the stock's valuation. It believes that much of the company's positive catalysts are priced into the shares. Canaccord set a $20 price target on the stock.

PRICE ACTION: In early trading, GT Advanced tumbled $2.30, or 11.75%, to $17.25.

Reporting by Larry Ramer.

The Fly provides comprehensive coverage of stock news and Street research and delivers it in real-time. The Fly breaks market-moving news and explains sudden stock movements in a rapid-fire, short-form story format. Follow @theflynews on Twitter. For a free trial, click here.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,104.26 -2.44 -0.01%
S&P 500 2,001.36 +1.34 0.07%
NASDAQ 4,574.4290 +3.7920 0.08%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs