Market Overview

UPDATE: Goldman Sachs Upgrades Corning to Buy on Bottoming LCD Cycle

Share:
Related GLW
Najarian Brothers See Unusual Options Activity In Altaba, Snap And Corning
28 Stocks Moving In Tuesday's Pre-Market Session

Goldman Sachs raised its rating on Corning (NYSE: GLW) from Neutral to Buy and increased its price target from $14 to $16.

Goldman Sachs commented, "We expect 4Q to mark the company's return to positive EPS growth for the first time in two years as a result of stabilizing LCD fundamentals following several quarters of supply discipline. We estimate Corning will reduce its dependence on LCD glass to 74% of net income in 2013 from 96% in 2009, with its other segments helping to drive mid-to-high single-digit growth in the next two years. Given a 20% decline in capex in 2012 and 2013, Corning's FCF yield will likely increase to 6% from 4% in 2013. Thus, we view the stock's below-book valuation as very attractive."

Corning closed at $12.73 on Tuesday.

Latest Ratings for GLW

DateFirmActionFromTo
Oct 2017CitigroupMaintainsNeutral
Oct 2017Deutsche BankMaintainsBuy
Aug 2017Goldman SachsDowngradesNeutralSell

View More Analyst Ratings for GLW
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (GLW)

View Comments and Join the Discussion!

Partner Center