Market Overview

Topeka Capital Markets Reiterates Buy Rating, $15.35 PT on Corning

Share:
Related GLW
Benzinga's Top Upgrades, Downgrades For December 21, 2016
Previewing Black Friday Week: Apple Best Positioned Tech Name
Tesoro And Aircastle Are Top Strategic Dividend Index Dogs For Winter (Seeking Alpha)

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

DateFirmActionFromTo
Jan 2017GuggenheimInitiates Coverage OnBuy
Dec 2016Wells FargoInitiates Coverage OnMarket Perform
Nov 2016Goldman SachsMaintainsBuy

View More Analyst Ratings for GLW
View the Latest Analyst Ratings

Posted-In: Topeka Capital MarketsAnalyst Color Reiteration Analyst Ratings

 

Related Articles (GLW)

View Comments and Join the Discussion!