Corning price target lowered to $39 from $40 at UBS

UBS analyst Joshua Spector lowered the firm’s price target on Corning to $39 from $40 and keeps a Buy rating on the shares following the Q1 results. Profitability is still below normal levels, and UBS expects improving operating rates to lift margins through the year, the analyst tells investors in a research note. While Corning guided Q2 softer, the firm expects optical and smartphone linked demand to improve in 2H.