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

, 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.