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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on GLW:
- Corning price target lowered to $28 from $33 at Barclays
- Corning downgraded to Hold from Buy at Deutsche Bank
- Corning sees Q4 core EPS 37c-42c, consensus 50c
- Corning Reports Third-Quarter 2023 Financial Results with Continued Improvement in Profitability and Cash Flow
- Corning reports Q3 core EPS 45c, consensus 47c