Market Overview

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

Related GLW
#PreMarket Primer: Wednesday, October 22: Johnson & Johnson Develops Ebola Vaccine
Markets Unable To Hold On To Gains As Oil Continues To Plunge
Buyback Mania Inflates 2Q Earnings Growth (Fox Business)

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
Oct 2014Standpoint ResearchUpgradesHoldBuy
Oct 2014Bank of AmericaDowngradesBuyNeutral
Jul 2014CitigroupMaintainsNeutral

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