Corning (GLW) PT Raised to $42 at BofA Securities

BofA Securities analyst Wamsi Mohan raised the price target on Corning (NYSE: GLW) to $42.00 (from $38.00) while maintaining a Buy rating following meetings.

The analyst commented, "Earlier this week, we visited Corning’s HQ and met with leadership (CEO, CFO, CTO) and the head of Optical Communications. We also had the opportunity to tour the Sullivan Park facility. In each meeting, Corning emphasized its Springboard framework in which the company expects to grow $3bn+ in annualized sales over the next three years driven by cyclical factors and secular trends. Mgmt. highlighted its 3-4-5 approach to increase its probability of success while maintaining costs by reapplying talent, reusing technology, and repurposing existing assets. Reiterate Buy as more content in end devices will likely allow GLW to grow revenues in excess of its end markets. PO moves to $42 (from $38) on 19x (from 17x) C25E EPS of $2.23. We use a higher multiple given stability in Display despite Yen impact and broad cyclical and secular upside."

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