Oppenheimer: Corning's Analyst Day Results
In a research report published today by Oppenheimer, Corning Inc.'s (NYSE: GLW) analyst day focused on future growth avenues rather than the forever bottoming LCD market.
According to the report, “Those looking for stock price appreciation could look to: 1) the floor being set by dividends and buybacks; 2) strong(er) yen; 3) stronger IT demand from ultrabooks and perhaps an earlier European recovery. The company will continue to gush out free cash flow in 2012/2013 given its lower capex outlook (no change to prior $1.8B) and $1.25B midpoint respectively. However we wait for a turn in display fundamentals.”
Oppenheimer maintains its Market Perform rating on Corning, which closed Friday at $13.58.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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