Miller Tabak Cuts Price Target on Corning (GLW), Reaffirms Long-Term Outlook

Miller Tabak is maintaining its Buy rating on shares of Corning (NYSE: GLW) while reducing its price target from $21 to $19.

The firm notes that another negative quarter with revisions, along with negative earnings revisions from SCP, does go against their long-term positive outlook and weighs heavily on the December quarters estimates.

Miller Tabak highlights that the next major positive catalyst may be at the company's analyst day in February when management offers clarity on margins for the 2014 revenue target.

An analyst at Miller Tabak comments, "we continue to hold to our thesis that with channel inventory at low levels and with LCD TV demand relatively healthy, that Corning will see a cyclical rebound in demand early next year. We expect the December quarter to be the end of negative earnings revisions."

The firm is forecasting earnings of $1.76 and $1.60 for FY11 and FY12.

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 $13.19 yesterday.

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