Goldman Sachs Downgrades Corning (GLW) to Neutral, Says Catalysts Played Out

January 11, 2013 6:53 AM EST Send to a Friend
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Price: $22.66 +2.16%

Rating Summary:
    13 Buy, 13 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 51
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Goldman Sachs downgraded Corning (NYSE: GLW) from Buy to Neutral with a price target of $14.00 (from $14.50).

The firm comments, "Our September upgrade was primarily motivated by our expectation for improving LCD fundamentals and capital allocation. Those catalysts are now largely exhausted, as Corning beat 3Q and positively preannounced 4Q on higher LCD volumes and raised its dividend by 20%. Looking forward, we see downside to estimates near-term on an LCD inventory correction in 1Q and FX headwinds, though we continue to see value longer-term from Corning’s diversification efforts."

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 $12.64 yesterday.


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