Oppenheimer Maintains Corning at Outperform on Long-Term Segment Display Positivity

In a report published Tuesday by Oppenheimer, analyst Andrew Uerkwitz reiterated an Outperform rating on Corning Incorporated

and maintained a $15 price target. In the report, Uerkwitz wrote, "We hosted Corning CFO, Jim Flaws, in New York on Friday, March 15. We came away confident in our belief that: 1) the display business is poised to bottom out in 2013; 2) the non-display segment has many low-capital intensive growth opportunities; and 3) excess cash generation will be returned to shareholders. We expect multiple expansion as investors start to see these three items play out. With risk priced in, we see downside as limited and investors can collect a 2.8% dividend while waiting. Mr. Flaws acknowledged the near-term risks (weakening yen and display segment skepticism) and indicated that in the next few quarters, we should get a clearer picture of the display glass pricing environment." Corning closed Monday at $12.85