Barclays Q2 Preview on Corning (NYSE: GLW): Slowing Demand Prices In; Estimates Below Consensus

Barclays maintains an 'Overweight' on Corning (NYSE: GLW) price target of $15.00.

Analyst, Amir Rozwadowski, said, "Overall, we expect limited incremental surprises - either positive or negative - to emerge from Corning's 2Q earnings call. In our view, the LG Display share / pricing issue that served as an overhang in recent quarters is now largely behind the company..."

However, due to slowing LCD TV demand (from macro issues), GLW guiding down wouldn't really be a surprise and its mostly priced into the shares.

For Q2, Barclays is at $2.0B and $0.30 EPS (below consensus if $2.02B and $0.31), for Q3, $2.1B and $0.34 EPS (below consensus of $2.12B and $0.36). For FY12, Rozwadowski cuts EPS estimates from $1.35 to $1.30 ($1.36) and FY13 from $1.45 to $1.44 ($1.52).

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 $12.27 yesterday.

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