Morgan Stanley Remains Underweight on Corning

In a research report published earlier today, Morgan Stanley has maintained its Underweight rating on Corning Inc.

as the glass price war persists. Morgan Stanley commented in the report, “GLW CFO Flaws presented at our Morgan Stanley TMT Conference and explained that shipments into LG Display are lower than guidance from just one month ago as Samsung Corning Precision (SCP) has decided not to match lower prices from NEG and to lose share at LGD instead. Corning's guidance for SCP shipments is now “down in the low-double-digit range" from “flat or down double digits, depending on the outcome of negotiations with that key customer.”” Morgan Stanley maintains its $12 PT on Corning, which is currently trading at $13.21.