Deutsche Bank Is Bullish On Corning, Issues Buy Rating

Deutsche Bank Is Bullish On Corning, Issues Buy Rating
  • Deutsche Bank analyst Matthew Niknam initiated Corning Inc GLW coverage with a Buy rating and $45 price target, implying a 25% upside potential.
  • Secular demand tailwinds across Corning's end markets support an outlook for above-consensus revenues in upcoming years, Niknam notes. 
  • Niknam says Corning's "differentiated and high-quality products" are increasingly core to daily life.
  • The leader in materials science, specializing in the production of glass, ceramics, and optical fiber, reported Q2 FY21 core sales of $3.5 billion, up 35% year-on-year, beating the analyst consensus of $3.4 billion. Core EPS of $0.53 beat the analyst consensus of $0.51.
  • Corning sees Q3 core sales of $3.5 billion - $3.7 billion versus the analyst consensus of $3.53 billion. It sees core EPS of $0.54 - $0.59, compared to the analyst consensus of $0.57.
  • Price Action: GLW shares traded lower by 1.14% at $36.52 in the premarket session on the last check Friday.

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