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.

Must Read: Warren Buffett's 10 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

GTAT Chart

GTAT data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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.

More from Markets

AMD Rises Above the Competition; Loan Losses Mount for Big Banks -- ICYMI

AMD Rises Above the Competition; Loan Losses Mount for Big Banks -- ICYMI

McKesson Internal Review Clears Senior Management of Wrongdoing on Opioids

McKesson Internal Review Clears Senior Management of Wrongdoing on Opioids

Starbucks Surprises Wall Street With U.S. Sales Up a Paltry 2%

Starbucks Surprises Wall Street With U.S. Sales Up a Paltry 2%

Dow Jumps 238 Points as S&P 500, Nasdaq Also Climb

Dow Jumps 238 Points as S&P 500, Nasdaq Also Climb

Why Nashville, Denver, LA Should Reconsider Bids for Amazon HQ2

Why Nashville, Denver, LA Should Reconsider Bids for Amazon HQ2