Piper Jaffray Reiterates Overweight on GT Solar International

Piper Jaffray is out with its report today on GT Solar International SOLR, reiterating Overweight. In a note to clients, Piper Jaffray writes, "As we expected, SOLR raised its FY12 guidance while beating expectations for 4Q11. SOLR now guides for $1-$1.1b ($850-$1b previously) on gross margins of 42-44% (40-42% previously) and EPS of $1.55-$1.85 ($1.25-$1.50). The guidance midpoint of $1.05b revenue, 43% gross margins and $1.70 EPS, topped consensus of $966m, 41% and $1.45. F4Q11 revenue and EPS of $272m and $0.41 also beat consensus of $224m and $0.34. Backlog is at $1.2b with an additional $722m in new orders thus far in F1Q12, totaling future booked revenues of close to $2b. We look for updated guidance on the sapphire business on the earnings call tomorrow morning where management has been guiding for $155-$175m in revenues in FY12. Sapphire equipment orders alone now total $484m thus far. The earnings call is set for 8am Tuesday morning. Reiterate OW rating and $16 price target." At the time of posting, shares of SOLR were trading pre-market at $13.34, up 14.80% from Monday's close.