UPDATE: Bank of America Merrill Lynch Gives Buy Rating to Corning, $16 PT
In a company update report it released earlier today, Bank of America Merrill Lynch gave a Buy rating to Corning Incorporated (NYSE: GLW), and set a price target of $16. The update comes in relation to recent developments regarding the relationship between Corning and the electronics manufacturer Sharp Corporation (TYO: 6753).
In the report, BofA Merrill Lynch said, “By our estimate, Corning, which has a co-located glass melting facility, provides 100% of the glass required for Sharp's Gen 10 facility (and over 60% of Sharp's total glass requirements), and hence should benefit from improved utilization at the Sakai City plant.”
Corning Incorporated closed yesterday at $14.21.
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