UPDATE: Deutsche Bank Starts Corning (GLW) at Buy

Deutsche Bank analyst Matthew Niknam initiates coverage on Corning (NYSE: GLW) with a Buy rating and a price target of $45.00.

The analyst comments "We initiate coverage of Corning (GLW) shares with a Buy rating and a $45 price target, implying ~25% total return from current levels (22% upside + 3% dividend yield). Our Buy rating is underpinned by three key points: (1) Secular demand tailwinds across Corning's end markets support our outlook for above consensus revenues in upcoming years. Corning's differentiated and high-quality products are increasingly core to daily life (ie: TV screens, smartphones, fiber broadband) and as such, integral to the success of its key customers. We forecast 2021E-2024E revenue growth at a 5% CAGR, with end market strength supported by multi-year themes including fiber broadband, 5G, hybrid/electric vehicles, and digital transformation (more broadly)."

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 $36.94 yesterday.

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