UPDATE: Oppenheimer Holdings Upgrades Corning to Outperform, Raises PT
In a report published Friday, Oppenheimer Holdings upgraded its rating on Corning (NYSE: GLW) to Outperform, and raised its price target to $16.00.
Oppenheimer noted, “We are upgrading Corning to Outperform with a $16 price target as we see the stock as having limited downside (share buybacks and a good dividend), plenty of upside potential from its current business once macro improves, and optionality with new technologies. We've updated our investment thesis for Corning as a transition in coverage has given us time to dig deeper, while a company visit has given us a fresh look. We spent a full day at GLW's headquarters meeting a range of people from management to engineers, giving us confidence in our new found view. Catalysts will be display glass prices moderating while volumes start to rebound, other segments seeing favorably shifting market dynamics, and a potential dividend increase.”
Corning closed on Thursday at $11.62.
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