UPDATE: Bernstein Downgrades Corning (GLW) to Market Perform

Bernstein downgraded Corning (NYSE: GLW) from Outperform to Market Perform with a price target of $26.00 (from $24.00).

Analyst Alberto Moel comments "We believe Corning has structural advantages from its manufacturing processes, operational efficiencies, economies of scale, and pricing premiums as a result of its technology and quality edge. Corning enjoys consistently higher margins and steady cash flows relative to peers which we believe can be sustained. However, current multiples and our DCF-based valuation are aligned, with no strong catalysts to either the upside or downside."

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 $26.49 yesterday.

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