Barclays Maintains an 'Overweight' on Corning (GLW); Preannouncement Reduces Outlook
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Price: $151.45 -0.66%
Rating Summary:
16 Buy, 12 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
16 Buy, 12 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays maintains an 'Overweight' on Corning (NYSE: GLW) price target of $17.00.
Barclays analyst says, "Corning's negative preannouncement was certainly disappointing, particularly in light of relatively healthy LCD TV demand, which we had considered as the primary share overhang. As the combination of a lower ASP trajectory and reduced shipments (both in display and Gorilla) reduces our outlook, the seemingly unprecedented nature and limited visibility on the repercussions of a customer contract issue is likely
to remain an overhang for at least the near term. We see future glass capacity tightness and/or confirmation of a 1Q12 inflection as the keys to driving shares higher from here."
"For 2012 and 2013, we now look for EPS of $1.65 and $1.90, respectively."
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.
Barclays analyst says, "Corning's negative preannouncement was certainly disappointing, particularly in light of relatively healthy LCD TV demand, which we had considered as the primary share overhang. As the combination of a lower ASP trajectory and reduced shipments (both in display and Gorilla) reduces our outlook, the seemingly unprecedented nature and limited visibility on the repercussions of a customer contract issue is likely
to remain an overhang for at least the near term. We see future glass capacity tightness and/or confirmation of a 1Q12 inflection as the keys to driving shares higher from here."
"For 2012 and 2013, we now look for EPS of $1.65 and $1.90, respectively."
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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