Jefferies On Corning: 'No Big Surprises' Following Analyst Day Event

Corning Incorporated (NYSE: GLW) on Friday held an Analyst Day event last Friday that reaffirmed Jefferies' George Notter to maintain a Hold rating and $21 price target.

According to Notter, the company's presentation "did make us feel more comfortable" with some of the positive sentiments the company spoke of during its fourth-quarter conference call, particularly with regard to the Display business. The analyst adds that the company's President of Glass Technologies Jim Clappin emphasized that the coming first quarter will be the smallest first quarter price decline that the company has seen in recent years.

Notter also states that Iris Glass is "generating lots of excitement" but "there's a long way to go" until Iris generals meaningful revenue, despite being a point of emphasis at the Analyst Day, just as it was at the CES event a month ago.

Finally, Notter states that the company's Chief Executive Officer Wendell Weeks continues to hint at an innovation for Life Sciences that "could be a big deal" but declined to get into any specific details at the request of its customers.