Corning Incorporated (GLW) Maintains An Outperform Rating
February 12, 2010 3:09 PM
Analyst Yair Reiner at Oppenheimer (NYSE: OPY) has maintained an Outperform rating for Corning Incorporated (NYSE: GLW).
Oppenheimer believes that panel prices could decline meaningfully in the first-quarter. However, it believes that two factors put glassmakers in a better position; first, as glassmakers need to rebuild depleted inventories, they will not feel the need to dump any excess production, and second, near-term glass capacity plans are relatively constrained.
Moreover, Corning Incorporated’s view of 2010 seasonality reflects its interpretation of supply chain dynamics, and not concern over end demand.
According to Oppenheimer, Corning Incorporated is a compelling long-term value stock. The company has a price target of $21 at the moment.
