Market Overview

UPDATE: Goldman Sachs Upgrades Corning to Buy on Bottoming LCD Cycle

Share:
Related GLW
JP Morgan: Best Buy Beat Is 'Positive' For Corning
Jefferies On Corning: 'No Big Surprises' Following Analyst Day Event
Tracking The Hotchkis & Wiley Value Opportunities Fund: Q4 2014 Update (Seeking Alpha)

Goldman Sachs raised its rating on Corning (NYSE: GLW) from Neutral to Buy and increased its price target from $14 to $16.

Goldman Sachs commented, "We expect 4Q to mark the company's return to positive EPS growth for the first time in two years as a result of stabilizing LCD fundamentals following several quarters of supply discipline. We estimate Corning will reduce its dependence on LCD glass to 74% of net income in 2013 from 96% in 2009, with its other segments helping to drive mid-to-high single-digit growth in the next two years. Given a 20% decline in capex in 2012 and 2013, Corning's FCF yield will likely increase to 6% from 4% in 2013. Thus, we view the stock's below-book valuation as very attractive."

Corning closed at $12.73 on Tuesday.

Latest Ratings for GLW

DateFirmActionFromTo
Feb 2015JP MorganMaintainsOverweight
Feb 2015JefferiesMaintainsHold
Jan 2015JP MorganUpgradesNeutralOverweight

View More Analyst Ratings for GLW
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (GLW)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga PRO content