Why GT Advanced Technologies (GTAT) Stock Continues To Decline Today

NEW YORK (TheStreet) -- Shares of GT Advanced Technologies Inc. (GTAT) are falling by 8.30% to $13.70 in pre-market trading on Wednesday, one day after Apple (AAPL) announced the new iPhone 6 and iPhone 6 Plus will not feature screens made with the company's sapphire glass, Reuters reports.

Additionally, GT Advanced Technologies was downgraded to "neutral" from "buy," and its price target was cut to $14 from $20 at Goldman Sachs (GS) .

Piper Jaffray (PJC) also downgraded GT Advanced to "neutral" from "overweight" with a $16 price target, down from $23.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

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.

More from Markets

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%