Corning (GLW) PT, Estimates Cut at Cantor Fitzgerald Post Q2

Cantor Fitzgerald analyst Brian White lowered his price target on Hold-rated Corning (NYSE: GLW) to $17.00 (from $19.50) following Q2 results.

White commented, "Post Corning's 2Q:15 earnings call, we are reducing our estimates, lowering our price target to $17 (from $19.50) and maintaining our cautious stance on the stock given our concern of more challenges ahead for the LCD industry. Following up on LG Display's weak 2Q:15 print last week, LCD panel maker AU Optronics reported a soft 2Q:15 performance this morning and offered up a weaker-than-expected 3Q:15 outlook. Given concerning industry trends, we continue to take a cautious stance on our LCD universe of AU Optronics, Corning and LG Display."

For 3Q:15, the firm is adjusting sales estimate to $2.530 billion from $2.631 billion (Consensus is $2.645 billion), and trimming EPS estimate to $0.36 from $0.39 (Consensus is at $0.40). For 2015, they are cutting our EPS estimate to $1.43 from $1.49. For 2016, they are lowering our EPS estimate to $1.46 from $1.59.

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 $18.45 yesterday.

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