Merrill Raises Price Target, EPS For Corning
By Eric Bosco
December 07, 2009 4:13 PM
December 07, 2009 4:13 PM
Bank of America’s (NYSE: BAC) Merrill Lynch earlier today lifted its 2009-2011 EPS estimates and current price target for glass and ceramic ware manufacturer Corning (NYSE: GLW).
The bank’s new price objective for the stock is $22 from the former $19. Its EPS expectations were raised to $1.33, $1.67 and $1.82 for 2009, 2010 and 2011, respectively.
Merrill wrote that its increases were due to higher than expected display volumes “based on good sell through data for October and November”. Additionally, panel prices started to decline in December, further supporting glass pricing and finally, a “larger than expected FX tailwind” and generally improved margins also led to the upgrade.
GLW is currently trading up slightly, 5 cents to $18.38.
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