Updated to correct "bearish" to "bullish" in first paragraph.
NEW YORK (TheStreet) -- GT Advanced Technologies (GTAT) is extending its rally into a third consecutive day. The electronic parts maker, which specializes in materials polysilicon and sapphire, was surging after a bullish report from Canaccord Genuity on Monday.
By early afternoon Wednesday, shares had added 4.7% to $19.09.
Cannacord analysts Jonathan Dorsheimer and Josh Baribeau reiterated a "buy" rating and price target of $21 on Monday.
"We believe the Apple (AAPL - Get Report) opportunity plus the recovery in the solar market should allow the company to exceed Street expectations. Additionally, GT has an increasing number of 'irons in the fire' which reduces diversification and customer concentration risks," they wrote in the report.
A week earlier, Credit Suisse upgraded the stock to "outperform" from "neutral" and upped its price target to $24 from $18.
"The company is shifting its business model from equipment sales to a large mix of less volatile and less cyclical sapphire material sales," analysts said in a note. "We believe this transition will be rewarded in the market with multiple expansion."
GT Advanced Technologies is due to report its March-ending first quarter at the end of April.
Analysts surveyed by Thomson Reuters anticipate a net loss of 21 cents a share and $26.97 million in revenue.
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