Citi analyst Asiya Merchant upgraded Corning to Buy from Neutral with a price target of $40, up from $36. The analyst has greater conviction in the company’s margin expansion targets following recent Display price increases amid a more tighter supply demand environment. In addition, Corning should see improved productivity enhancements in Optical and free cash flow generation as its working capital improves, the analyst tells investors in a research note. While demand in Corning’s end markets remain more tempered near term, margin improvements will drive positive estimate revisions ahead, says Citi.
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