As previously reported, Morgan Stanley analyst James Faucette downgraded Corning to Equal Weight from Overweight with a price target of $33, down from $34. Given the reduced demand environment, he thinks the earnings power is diminished for the time being and he is not expecting conditions to improve until the second half of 2020 when display and optical could be closer to normalized and sources of upside, like auto and life sciences, will be closer to material, Faucette tells investors. He prefers to step away "for now" and will look for an uptick in optical demand to get more positive, the analyst tells investors.