UPDATE: Morgan Stanley Downgrades Corning to Underweight

According to Morgan Stanley, Corning (NYSE: GLW) is downgraded to Underweight.

Morgan Stanley said that 15%+ q/q price declines at SCP in Q4 have not yet hit the wholly owned P&L, but likely do in Q1. “With Display, SCP and Dow Corning impaired because of competition and oversupply, and EPS coming down every year as far as the eye can see, we expect the stock to trend downward. Downgrade to UW.”

Corning closed yesterday at $13.05.