Corning initiated with a Neutral at Mizuho

Mizuho initiated coverage of Corning with a Neutral rating and $36 price target. Corning is a leader in glass optical fiber products, glass for flat panel displays and many other specialty glass and ceramic products, the analyst tells investors in a research note. The firm says it could become more constructive on the shares if Asian currencies recovered, and/or price increases to offset currency without share loss were implemented. Corning’s volumes surged early in the pandemic, declined as consumer spending switched to services, and appear to have bottomed, notes Mizuho.