Corning downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Matthew Niknam downgraded Corning to Hold from Buy with a price target of $30, down from $37. The analyst sees “sizable downside risk” to forward estimates following the company’s “disappointing” Q3 results and Q4 outlook. While investor expectations had trended lower in recent months, a weaker Q3 print and Q4 guide “are once again likely to reset the bar lower,” the analyst tells investors in a research note. The firm’s new estimates imply year-over-year core earnings growth of 3% for Corning next year, following a 19% decline in 2023. It believes a recovery is unlikely until the second half of 2024.