Sterne Agee Reiterates Sell Rating, $10 PT On RBCN

Sterne Agee is reiterating its Sell rating and $10 PT on Rubicon Technology, Inc. (NASDAQ: RBCN).

“The announcement of yet another entrant to the sapphire ingot industry in two weeks increases our conviction in our Bear thesis on Rubicon,” Sterne Agee writes.

“We believe the barriers to entry to the sapphire industry are coming down, and overcapacity in 2011 is becoming more and more likely.”

Rubicon Technology closed Monday at $20.12.