GT Advanced jumps; Canaccord confident sapphire iPhone display on tap

|About: GT Advanced Technologies, Inc. (GTATQ)|By:, SA News Editor

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.