Barclays Maintains an 'Overweight' on Corning (GLW); Expect Limited Surprises from 3Q Results

Barclays maintains an 'Overweight' on Corning (NYSE: GLW) price target of $18.00.

Barclays analyst says, "Given Corning's negative preannouncement, we expected limited surprises to emerge from the call. While we tweak our 4Q estimates slightly lower, recent data support our expectations for flat +/-3% glass shipments into 4Q. Assuming this drives channel inventories lower exiting 4Q, shares should be nicely positioned heading into 1H12...We therefore expect limited surprises from the company's 3Q results and hold our estimates of $2.04B /$0.41 steady (consensus $2.02B/$0.42)."

"However, End Market Data Points Coming in Better than Feared - Recent checks and industry data points continue to suggest that TV sell-through has been relatively solid....Valuation near recessionary lows of 8x our CY12 EPS of $1.85, our expectations for stabilizing fundamentals, GLW's proactive balance sheet use, and the likelihood for improving cash generation in 2012 drive our OW rating."

For more ratings news on Corning click here and for the rating history of Corning click here.

Shares of Corning closed at $14.29 yesterday.

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