Close

Drexel Hamilton Reiterates Sell on Corning (GLW) Following Solid 3Q

October 25, 2016 12:59 PM EDT
Get Alerts GLW Hot Sheet
Price: $32.92 -0.3%

Rating Summary:
    11 Buy, 13 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
Join SI Premium – FREE

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."

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 $23.89 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View

Related Entities

Earnings, Drexel Hamilton, Brian White