Ride Apple’s Coattails to Double-Digit Profits With This $10 Stock

GTAT projects that the deal will boost earnings and revenue, which is expected to ramp up to $600 million to $800 million in 2014. The sapphire segment of the company is forecasted to contribute 80% of the 2014 revenue.

GTAT has been struggling primarily due to its core solar business. Revenue in the latest quarter was just over $40 million, and net income was a loss of more than $38 million. Apple’s contract should change this weak performance into a long-term winner

GTAT is expected to pay back Apple’s nearly $600 million by 2020. This fact proves that Apple has a long-term commitment to sapphire glass and GTAT. Apple’s continued support of the company should lift the share price.

I think an investment in GTAT at these low levels could pay off big.

Recommended Trade Setup:

— Buy GTAT on a break above $10.50
— Set stop-loss at $8.97
— Set initial price target at $14.23 for a potential 36% gain in three months

This article was originally written by Dave Goodboy and posted on ProfitableTrading.

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