UPDATE: Goldman Sachs Downgrades Corning Incorporated to Neutral; Catalysts Have Passed
Goldman Sachs downgraded Corning Incorporated (NYSE: GLW) from Buy to Neutral and lowered the price target from $14.50 to $14.00.
Goldman Sachs noted, "We downgrade GLW to Neutral from Buy. Our September upgrade was primarily motivated by our expectation for improving LCD fundamentals and capital allocation. Those catalysts are now largely exhausted, as Corning beat 3Q and positively preannounced 4Q on higher LCD volumes and raised its dividend by 20%. Looking forward, we see downside to estimates near-term on an LCD inventory correction in 1Q and FX headwinds, though we continue to see value longer-term from Corning's diversification efforts."
Corning Incorporated closed at $12.64 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.