UBS Cuts Estimates on Corning (GLW); 800-lb Gorilla Glass in the Room
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Price: $16.31 +1.05%
Rating Summary:
11 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Rating Summary:
11 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Trade GLW Now!
UBS maintains a 'Buy' on Corning (NYSE: GLW) price target of $16.00 (from $16.50).
Analyst, Amitabh Passi, said, "GLW reported 2Q Revs/EPS of $1.9b/$0.31 with EPS in line at $0.31, despite a $100m revenue short fall. LCD glass price declines were moderate while volumes were flat q/q...Gorilla glass sales fell short as a customer’s requirements changed late in 2Q, though are forecast up 10-15% q/q in 2q."
Passi lowers FY12 EPS estimate from $1.31 to $1.28, FY12 revenues from $8.2B to $7.8B. FY13 EPS estimate lowered from $1.45 to $1.41 and revenues from $8.8B to $8.2B.
For an analyst ratings summary and ratings history on Corning click here. For more ratings news on Corning click here.
Shares of Corning closed at $11.14 yesterday, with a 52 week range of $11.05-$17.35.
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Analyst, Amitabh Passi, said, "GLW reported 2Q Revs/EPS of $1.9b/$0.31 with EPS in line at $0.31, despite a $100m revenue short fall. LCD glass price declines were moderate while volumes were flat q/q...Gorilla glass sales fell short as a customer’s requirements changed late in 2Q, though are forecast up 10-15% q/q in 2q."
Passi lowers FY12 EPS estimate from $1.31 to $1.28, FY12 revenues from $8.2B to $7.8B. FY13 EPS estimate lowered from $1.45 to $1.41 and revenues from $8.8B to $8.2B.
For an analyst ratings summary and ratings history on Corning click here. For more ratings news on Corning click here.
Shares of Corning closed at $11.14 yesterday, with a 52 week range of $11.05-$17.35.
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