Sterne Agee Reiterates Sell Rating on Rubicon Technology (RBCN)

Sterne Agee is out with a research report this morning, where it reiterates its Sell rating on Rubicon Technology RBCN; it has a $10.00 price target on the stock. The SA analysts noted that the company's announcement of a third sapphire furnace customer from GT Solar (the first two are based in China, the third is based in Korea) increases their conviction in a Bear thesis on Rubicon. The ability for a new entrant to add roughly 25% of Rubicon's total capacity in one year reinforces the view that the barriers to entry to the sapphire industry are coming down.