UPDATE: Raymond James Downgrades GT Advanced Technologies to Underperform as iPhone News is Priced In

In a report published Thursday, Raymond James analyst Pavel Molchanov downgraded the rating on GT Advanced Technologies GTAT from Market Perform to Underperform. In the report, Raymond James noted, “We are downgrading GT from Market Perform to Underperform, following the stock's exceptionally strong YTD gain of 113%. This tactical rating change is not a fundamental statement on either GT's Apple relationship or its solar opportunities. However, on both fronts, we have a hard time seeing incremental news-flow that would support much upside in the stock. In fact, our bias is to the downside, particularly given valuation that – even on 2016 numbers – looks quite pricey. Bottom line: we think it's time to take profits.” GT Advanced Technologies closed on Wednesday at $18.57.