Citi lowered the firm’s price target on Corning to $36 from $39 and keeps a Buy rating on the shares. The analyst says Corning’s guidance implies near term sales pressures are worse than previously anticipated with weakness in both display and optical. However, the firm views lowered panel maker utilization levels to be temporary, saying inventory levels remain healthy, size migration trends continue, and panel demand in 2024 will improve. It believes Corning’s current valuation is at trough levels and sees a favorable risk/reward profile.
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Read More on GLW:
- Corning price target lowered to $28 from $33 at Barclays
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