Seeking Alpha

GT Advanced jumps; Canaccord confident sapphire iPhone display on tap

  • Canaccord has hiked its GT Advanced (GTAT +6.5%) PT to $15 from $13, and declares it's confident Apple plans to use sapphire display cover glass in an upcoming iPhone.
  • The remarks come a week after GT sold off on Chinese media reports stating sapphire cover glass will only be used in an iWatch for now. A few days before that, 9to5 Mac reported GT had taken delivery of 518 sapphire furnace/chamber systems - enough to cover tens of millions of iPhone displays.
  • Also: GT announces it has licensed plasma vapor deposition (PVD) process IP from private Kyma Technologies, and plans to use the technology to develop a PVD tool for LED manufacturers. GT expects to offer a production-ready tool in 1H15.
  • Q4 results arrive on Feb. 24.
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