Topeka Capital Markets Reiterates Buy Rating, $15.35 PT on Corning
In a report published Wednesday, Topeka Capital Markets reiterated its Buy rating and $15.35 price target on Corning (NYSE: GLW).
Topeka Capital Markets noted, “Corning delivered a healthy 4Q12 report but the Company's outlook is riddled with the negative impact of a sinking Japanese Yen, combined with a profit hit from Dow Corning. That said, the outlook for Display is in-line with our projections and the sales cycle for LCD glass (both businesses) reached a trough in 2Q12. After a tough couple of years for the LCD market at large, the sentiment around Corning has turned very negative and the stock is widely shunned by investors, which we believe is reflected in the Company's stock that trades below tangible book value. With this type of valuation, we believe Corning needs to start thinking BIG about enhancing shareholder value. Corning will host its investor meeting on February 8. We believe any hint of good news for the LCD industry or Corning specifically could drive a sharp rally in the stock price from depressed levels.”
Corning closed on Tuesday at $12.23.
Latest Ratings for GLW
|Apr 2014||JP Morgan||Maintains||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.