Corning, Inc. (GLW) - Bear of the Day
23 Settembre 2011 - 2:00AM
Zacks
Corning, Inc. (GLW) is a leading developer of advanced glass
substrates for multiple markets. June quarter earnings beat the
Zacks Consensus Estimate by a penny, but guidance was soft,
reflecting inventory builds at TV manufacturers, which impacted
both the Display and Specialty Materials segments.
We continue to believe in Corning's longer-term prospects,
especially with respect to GG and strong position at OEMs. However,
while efforts to diversify operations continue, Corning remains
highly dependent on display markets. Price erosion in this market
and the higher debt level will remain a drag on earnings.
Given the above, we are downgrading the shares from Neutral to
Underperform. We think downside potential is greater, given the
extreme dependence on the display market and the possibility of
further weakness in earnings.
CORNING INC (GLW): Free Stock Analysis Report
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