GT Advanced Technologies Downgraded By Raymond James

Pavel Molchanov of Raymond James talked on CNBC's Fast Money about the reasons behind his downgrade of GT Advanced Technologies (NASDAQ: GTAT). He thinks that the iPhone 6 news are fully priced in and the stock is fairly valued.

GT Advanced Technologies jumped 110 percent year-to-date and it was in anticipation of Sapphire sales to Apple (NASDAQ: AAPL). The company announced that it is planning to sell around $500 million worth of Sapphire to Apple and none of it happened so far.

Another question is how well is Sapphire going to sell. Since the news about iPhone is already priced in, any failure to materialize these expectations would be a reason for a sell-off.

GT Advanced Technologies fell 4.79 percent on Thursday and it closed at $17.68.