Goldman Sachs Downgrades CommTech Sector; Downgrades Corning (GLW) to Neutral

Goldman Sachs is downgrading the CommTech sector to Neutral from Attractive. As part of its view on the sector, the firm downgraded Corning (NYSE: GLW) from Buy to Neutral, saying most of the cyclical upside has played out.

Corning Incorporated manufactures and processes specialty glass and ceramics products worldwide. It operates in five segments: Display Technologies, Telecommunications, Environmental Technologies, Specialty Materials, and Life Sciences.

In the CommTech sector the firm investment recommendations are driven by three key secular themes:

(1) the Smartphone Disruption - Buy (Nasdaq: QCOM), Sell (Nasdaq: RIMM) and (Nasdaq: GRMN);
(2)Network capacity bottlenecks - Buy (Nasdaq: JNPR) and (Nasdaq: CALX); and
(3) Techtonic shifts in enterprise networking - Buy (Nasaq: ARUN) and (Nasdaq: JNPR)

Raising estimates and PTs for (Nasdaq: APKT), (Nasdaq: ARUN), (Nasdaq: FFIV), and (Nasdaq: RVBD), but keep their Neutral ratings.

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