GT Advanced Technologies (GTAT) shares plummeted 11 percent after investment analysts downgraded GTAT stock ratings from buy to neutral on July 7, 2014.

Weak performance during 2Q14 is cited as the main reason behind investment analysts’ decision to downgrade the company’s stocks. 

UBS lowered its 2014 sales projection for GTAT from US $800 million to US $700 million, owing to a smaller increase in two-inch equivalents (TIEs) of sapphire in May than was seen in April. “We believe GTAT can still hit the midpoint of its sales guidance of US $600-$800 million but believe our checks of a slower ramp in 2Q14 makes the high end more challenging,” said UBS analyst Stephen Chin to The Motley Fool.  

Canadian investment firm Canaccord Genuity also maintains a cautious stance. Analysts current have a target price of US $20 on GTAT stock and believe it has the chance to increase by 2.30 percent. The firm also believes that the launch of the iPhone 6 will not result in material volumes of sapphire glass, so the price target will remain stable. 

GTAT’s cumulative increase in stock prices for the second half of the year has surpassed 80 percent. Aside from dipping 2.58 percent in April, all other months saw an increase. February was recorded as the highest jump in earnings-per-share, up 39.53 percent. The company has already seen an increase of 11.29 percent in July.