Corning price target lowered to $40 from $54 at Argus

Argus lowered the firm’s price target on Corning to $40 from $54 but keeps a Buy rating on the shares. The company posted Q3 sales and core earnings that missed consensus and were at the low end of its expectations, the analyst tells investors in a research note. Pressure in Optical Communications was partly offset by the company’s diversified end markets however, and Corning looks to be well positioned across its five market-access platforms, Argus adds. The firm also stating that the stock appears to more than discount the challenges ahead without fully reflecting the myriad opportunities in Corning’s varied end markets.