Bank of America Still Buy on Corning Amid Weakened Pricing
Bank of America maintains Buy rating on Corning (NYSE: GLW) as glass prices continue to decline and display volumes are guided flat to down. Price Objective is still at $17 a share on the company.
Bank of America says, "Corning guided display volumes flat to down for 1Q driven by roughly flat volume at the Wholly owned business and flat to down 10% at SCP (based on negotiations with LGD). As we had previewed, glass pricing was guided even lower (down double digits q/q) as SCP attempts to gain back share at LGD (off a slightly higher base in 4Q11). The guidance for other segments was relatively inline to our expectations, which should drive 1Q revenue and EPS around $1.8bn and ~$0.0.32 EPS based on our preliminary analysis."
GLW closed at $14.62 a share yesterday.
