GT Advanced Technologies Inc. shares received a nice boost on Tuesday, on the back of reports that Apple will use the company’s sapphire glass for its next generation iPhone cover.
GT shares posted a new 52-week high of $12.72, while analysts at Canaccord Genuity also raised their price targets on the company from $13 to $15.
Apple has already agreed to provide $578 million in financing for a sapphire facility in Arizona. GT will own and operate the required furnaces and equipment necessary to produce sapphire glass for Apple.
Interestingly, conflicting reports about whether Apple will use sapphire for its iPhone screens, or just for its future iWatch device, also led to increased share prices for Corning — who produce the Gorilla Glass currently used in the iPhone.
Corning shares rose to a new 52-week high of $19.20 last Friday, having sunk to around $17 earlier in the month.
- Source 24/7 Wall St.