Why GT Advanced Technologies (GTAT) Is Surging Higher

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) 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.

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 ChartGTAT data by YCharts

If you liked this article you might like

Apple Supplier GT Advanced Set for Key Hearing Tomorrow

Why GT Advanced Technologies (GTAT) Stock Is Plummeting Today

GT Advanced Has Made an Unusual Request in Bankruptcy Court

How Will GT Advanced Technologies (GTAT) Stock React to Court Appearance Today?

Stock Market Today: Bulls Charge as Fed Allays Rate Hike Concerns