Why GT Advanced Technologies (GTAT) Hit an All-Time High Today

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.

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