Gilford Securities Reiterates Buy on GT Advanced Technologies; Trough 1.5x Book Value

Gilford Securities reiterates its rating on GT Advanced technologies (NASDAQ: GTAT) at Buy as it tweaks estimates to accommodate assumptions of further solar headwinds.

Gilford Securities comments, "We urge investor to view GTAT as a pure cyclical stock in terms of investing style. This would require investors to determine appropriate trough valuation as an entry point. We estimate the trough to be close to $4.00 based on 1.5x its current book value. We have revised our revenues and earnings estimates down due to the potential for further pushbacks in delivery for solar and LED equipment. According to our analysis, we do not expect any meaningful pickup in orders before 2H2013."

GTAT closed at $4.37 on Monday.