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Sterne Agee Maintains Buy, $16 PT on Corning

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Sterne Agee reiterates its Buy rating and $16 price target on Corning (NYSE: GLW) following the announcement of Becton, Dickinson and Co.'s (NYSE: BDX) Discovery Labware unit for $730 million in cash.

Sterne Agee notes, "Based on the commentary in the press release, we do not think the acquisition will impact Corning's ability to move ahead with shareholder friendly distributions, such as another share buyback or increase in dividend. Corning will likely report its March quarter results before the next board meeting, which takes place on April 26. Although short-term investors will likely focus on the net negative impact to free cash flow for 2012, we believe longer-term investors will consider the impact to free cash flow in 2013 and beyond."

GLW closed at $13.48 a share yesterday.

Posted-In: Sterne AgeeAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

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