Corning price target lowered to $37 from $38 at Deutsche Bank

Deutsche Bank analyst Matthew Niknam lowered the firm’s price target on Corning to $37 from $38 and keeps a Buy rating on the shares. The analyst believes Corning’s Q1 results largely mirrored investor expectations coming into the print. This included an upside surprise in Display, and lighter trends in Optical and select other segments, the analyst tells investors in a research note. Importantly, Q1 appeared to have marked a bottom for both revenues and profitability, with Corning’s pricing and efficiency initiatives boosting margins in a seasonally weaker quarter, says the firm.