CLSA Reiterates Underperform on Corning on Continued Below-Consensus Forecasts

In a report published Tuesday, CLSA Americas analyst Avi Silver reiterated an Underperform rating and $15.00 price target on Corning GLW. In the report, CLSA Americas noted, “CLSA's Matt Evans cut his estimates for panel makers as pricing has not stabilized and on overdue utilization cut is now taking effect in October. We cut our Corning estimates to reflect weaker glass demand but do not expect the other glass makers to cut prices to gain market share. We reduce estimates for 4Q and stick with our Underperform with below-consensus forecasts for 2014. Factors that would lead up to revisit our stance include a 1H14 LCD snapback, potential for Gorilla in Apple TV (2H14) and opportunities from new product offerings.” Corning closed on Monday at $14.41.