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J.P. Morgan released a research report on Corning
GLW announcing they are making large cuts on inventory and will share losses with Sprott Resource Corp.
SCP.
In the report J.P. Morgant writes, “Corning reduced expectations given large cuts to panel maker utilization and share losses at SCP among other things. Even Gorilla Glass guidance was reduced as the more expensive Sony models with the hardened glass are failing to sell. On a positive note, Corning said that they believe end-market demand is still strong – yet another example of producers trying to get ahead of a feared consumer slowdown with inventory reductions. We are reducing our below-Street numbers to reflect the new guidance. Reiterate Neutral.”
J.P. Morgan has a Neutral rating and changed their price target from $17.50 to $14.50 on Corning, which closed yesterday at $14.36.
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