UBS analysts Tejas Venkatesh and Steven Milunovich said they view Taiwanese panel shipments as indicative of general LCD trends over multiple quarters and noted that the four Taiwanese panel makers reported an 18% sequential decline in calendar first quarter large panel shipments. The analysts expect Corning's glass volume to be down 7% in the first quarter of the calendar year and warned there could be some risk to their forecast for 7% growth in the second quarter if end-demand continues to be relatively weak. The firm keeps a Neutral rating and $18 price target on Corning shares.