Equities researchers at Jefferies Group (NYSE: JEF) cut their target price on shares of GT Advanced Technologies (NASDAQ: GTAT) from $5.00 to $4.00 in a report issued on Friday. The firm currently has an “underperform” rating on the stock.
The analysts wrote, “GT posted a F4Q miss, coming in at the bottom of their guidance and guided both JuneQ and CY2012 substantially lower than Street and our expectations. Semicap comps typically bottom at 1-2x TBV in cyclical troughs; GT should also in our view. However, unlike Semicap names, GT’s peak to peak share may decline given competition from China, somewhat offset by its new growth business in LEDs.”
Shares of GT Advanced Technologies remained flat at $4.28 during during mid-day trading trading on Friday. GT Advanced Technologies has a 52 week low of $6.40 and a 52 week high of $17.50. The company has a market cap of $511.1 million and a P/E ratio of 2.95.
GT Advanced Technologies last announced its earnings results on Wednesday, May 16th. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by $0.06. The company’s revenue for the quarter was up 30.3% on a year-over-year basis. On average, analysts predict that GT Advanced Technologies will post $0.37 earnings per share next quarter.
GTAT has been the subject of a number of other recent research reports. Analysts at UBS AG (NYSE: UBS) reiterated a “buy” rating on shares of GT Advanced Technologies in a research note to investors on Friday. Separately, analysts at Canaccord Genuity reiterated a “hold” rating on shares of GT Advanced Technologies in a research note to investors on Friday. They now have a $5.00 price target on the stock, down previously from $9.00. Finally, analysts at Stifel Nicolaus cut their price target on shares of GT Advanced Technologies from $14.00 to $10.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Stifel also removed GTAT from its Select List, citing that Solar and LED transitions will dampen 2012 earnings. They also noted that the company continues to have an attractive valuation.
GT Advanced Technologies Inc., formerly GT Solar International, Inc., through its subsidiaries, is a global provider of polysilicon production technology and multicrystalline ingot growth systems and related photovoltaic manufacturing services for the solar industry, and sapphire growth systems and material for the light emitting diode (LED) and other specialty markets.