Apple May Buy Japanese Venture that Makes Key Microchips for iPhone Screens and GT Advanced Technologies Gets Goldman Sachs Price Target Upgrade
GT Advanced Technologies Inc. (NASDAQ: GTAT) shares climbed higher after Goldman Sachs raised its price target on the stock in a note to investors on Tuesday. Goldman Sachs analyst Brian Lee raised his 2015 and 2016 earnings per share estimates for GT Advanced. GT Advanced's deal to supply sapphire for upcoming Apple (AAPL) devices is worth $15 per share for GT if the deal goes as expected, and up to $25 if the deal exceeds expectations, contended Lee. The analyst raised his price target on the stock from $20 to $24 and kept a Buy rating on the shares.
GT Advanced Technologies Inc., a technology company, provides materials and equipment for the solar, light emitting diode (LED), and electronics industries worldwide. The company operates through three segments: Sapphire, Polysilicon, and Photovoltaic (PV). The Sapphire segment provides advanced sapphire crystallization furnace systems used to produce sapphire boules; and sapphire materials for a range of other industrial and consumer applications, including medical devices, dental, oil and gas, and watch crystals, as well as specialty optical applications, such as low absorption optical sapphire for advanced optics and Titanium-doped sapphire material for high power lasers.
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Apple Inc. (NASDAQ: AAPL) has opened discussions to buy control of a Japanese venture that makes key microchips for its iPhone screens. This is according to sources familiar with the matter. This makes the advanced chips made by the Renesas Electronics Corp division more valuable in future. Renesas said on Wednesday it was considering selling the Renesas SP Driver unit, but declined to comment further.
Apple Inc. and its wholly-owned subsidiaries design, manufacture, and market mobile communication and media devices, personal computers, and portable digital music players worldwide. It also sells software, services, peripherals, networking solutions, and third-party digital content and applications related to its products. The company offers iPhone, a line of smartphones that comprise a phone, music player, and Internet device; iPad, a line of multi-purpose tablets based on Apple’s iOS Multi-Touch operating system; Mac, a line of desktop and portable personal computers; and iPod, a line of portable digital music and media players, such as iPod touch, iPod nano, iPod shuffle, and iPod classic. It also provides Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and various accessories, service and support offerings; and manufactures the Apple LED Cinema Display and Thunderbolt Display.
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