"With rampant speculation around what Apple will or won’t release, we see a balanced risk reward given the information available," says Canaccord, reiterating a Hold on GT Advanced (GTAT +4.6%). Nonetheless, the firm still calls GT well-positioned to "benefit from a move to sapphire cover glass in the handset market, as well as a ramp in solar and some new technologies."
Raymond James is now expecting GT's 2014 results to be even more sharply weighted towards Q4, and says its confidence in its estimates remains "subdued."
UBS estimates 2014 sales to Apple will now be $150M below what the firm originally expected, and that full-year EPS will get a ~$0.26 boost from the backing out of $44M in costs related to GT's sapphire production ramp.
Stifel is staying positive, declaring GT's guidance still implies "continued progress with Apple with increasingly material volumes."
With Apple demanding strict secrecy from suppliers, management was predictably tight-lipped about its top client on the CC (transcript). CEO Tom Gutierrez: "I can’t speak to the volumes or the applications or the timing of Apple’s business."
Gutierrez did admit there are "exclusivity provisions" related to the Apple deal, but added the provisions aren't all-encompassing. "There are applications that we can sell into, but I am not at liberty to provide a lot of detail..."
A new report states Apple is holding a Sep. 9 iPhone launch event.