UPDATE: Goldman Sachs Lowers Target to $11 on Corning

Goldman Sachs reiterates its Neutral rating on Corning (NYSE: GLW) and lowers its price target to $11, down $2, as structural issues in LCD glass come to the fore.

Goldman Sachs says, "For the first time, Corning's management acknowledged that the issues in its Display business are structural, consistent with our views over the past few months. The company no longer expects Display to be a growth business, as price declines will more than offset volume growth – a dynamic that Corning previously did not expect to occur until 2014-15."

GLW closed at $13.05 a share on Wednesday.