Corning (GLW) PT Raised to $52 at Oppenheimer

Oppenheimer analyst Martin Yang raised the price target on Corning (NYSE: GLW) to $52.00 (from $42.00) while maintaining an Outperform rating.

The analyst commented, "We raise GLW's price target to $52 from $45, based on 22x estimated 2022 core EPS of $2.40. We believe recent pricing strength in LCD display glass, Corning's resumption of share repurchases, and broad-based end market recovery will support sustained sales growth and stronger EPS growth in the next two years. Compared to our previous estimates, we model stronger sales outlook for Display and Specialty Materials due to a favorable pricing environment and strong end-market demand. We expect LCD pricing in 2Q and 3Q20 to average 1% sequential growth, versus an average of a 2% sequential decline in the past eight quarters. Moreover, based on resumption of buybacks, we model a slightly larger decline in the number of diluted shares for 2022. Reiterate Outperform."

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