UPDATE: Jefferies Maintains Underperform Rating, Lowers PT for GT Advanced Technologies

In a company note published earlier today, Jefferies & Company, Inc. maintained its Underperform rating for GT Advanced Technologies Inc. (NASDAQ: GTAT) and lowered its price target from $5.00 to $4.00.

Jefferies said in its report “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.”

GT Advanced Technologies Inc. closed yesterday at $4.49.