Why GT Advanced Technologies (GTAT) Stock Is Up In Premarket Trading Today

NEW YORK (TheStreet) -- GT Advanced Technologies (GTAT) price target was increased to $24 from $20 by Goldman Sachs  (GS) on Wednesday. The firm also reiterated their "buy" rating for the company.

GT Advanced Technologies is up 4.4% to $18.15 in premarket trading this morning.

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

GT Advanced Technologies recent deal with Apple (AAPL) was the reason for the price target increase.

"We believe investor focus on GTAT's Apple opportunity - a key part of our thesis - is well deserved, but has created a dynamic in which the company's 'core' equipment segment is underappreciated. We continue to see a next-gen iPhone worth $15/share alone in a base-case with an upside case of over $25." Goldman Sachs said.

Apple signed a $578 million deal with the company in November that made the independent electronic device parts manufacturer the sapphire glass producer for Apple's yet to be released iPhone 6.

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

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