Drexel Hamilton Reiterates Sell on Corning (GLW) Following Solid 3Q
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Drexel Hamilton reiterated a Sell rating and $14.50 price target on Corning (NYSE: GLW) following the company's 3Q earnings report. Corning reported core sales of $2.548 billion that beat the consensus estimate of $2.52 billion, while core EPS of $0.42 also beat consensus estimates of $0.38. For 4Q, Drexel Hamilton cut sales projections to $2.527 billion from $2.576 billion but raised EPS projections to $0.44 from $0.38 (Street is at $0.40).
Analyst Brian White commented, "In our view, Corning's conference call had a lackluster tone with Display volume slightly outperforming in 3Q:16 but slightly falling short of our 4Q:16 estimates. As we discussed during our recent China/Taiwan Tech Tour, prices for LCD panels have surged this year and our contacts expect prices to continue rising through the end of the year but decline in 2017. Essentially, leading panel makers such as Samsung, LG Display and others have taken out production capacity to focus on more advanced display technologies (e.g., AMOLED), artificially driving panel prices higher."
Shares of Corning closed at $23.89 yesterday.
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Related EntitiesEarnings, Drexel Hamilton, Brian White
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