UPDATE: Cantor Fitzgerald Initiates Coverage on Corning on Mixed Factors

In a report published Friday, Cantor Fitzgerald analyst Brian J. White initiated coverage on

with a Hold rating and $14.50 price target. In the report, Cantor Fitzgerald noted, “We are initiating coverage of Corning with a HOLD rating and 12-month price target of $14.50. Corning is recognized as the #1 LCD glass vendor in the world and enjoys a rapidly growing Gorilla Glass franchise. Given the sluggish macro environment and the expiration of LCD TV subsidies in China, we expect muted LCD glass trends in the coming months. However, we believe opportunities for new applications for Gorilla Glass, further margin improvement across the non-display segments, and the potential for more cash distribution should provide some stability around GLW.” Corning closed on Thursday at $14.87.