UBS Maintains a 'Buy' on Corning (GLW); Once Again...Is the Worst Behind Us?

UBS maintains a 'Buy' on Corning (NYSE: GLW) price target cut from $17 to $15.

UBS analyst says, "Near-Term catalysts remain elusive, fundamentals are still difficult: That being said, we believe there wasn’t a material change in the outlook for LCD glass revealed in 4Q results. Much of the price pressure GLW will see in 1Q relates to catch-up of actions seen late in 4Q and the migration of non-SCP customers to the new lower price. Currently, the largest pricing risk is NEG lowering price again in order to regain share they took (in 3Q) and partially gave back (in 4Q) to GLW."

"We reduce our ‘12/‘13 estimates from $1.55/$1.61 to $1.25/$1.35."

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 $13.05 yesterday.

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