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GLW

Corning

$30.04

-0.12 (-0.40%)

18:16
09/16/19
09/16
18:16
09/16/19
18:16

Corning cuts Q3 volume guidance for Display and Optical Communications units

Corning is providing the following updates on the performance of its business segments in Q3, reducing expectations for two - Display Technologies and Optical Communications - and maintaining guidance in its other three. Within Corning's Display Technologies segment, several panel manufacturing customers have reduced utilization below anticipated levels in the current quarter. Consequently, Corning is reducing its Display volume forecast to a sequential decline of a high-single digit percentage in the third quarter. For FY19, the company now expects display glass volume to be up slightly and to outperform the overall glass market, driven by the company's ramp-up of its Gen 10.5 manufacturing capacity. The company continues to expect third-quarter prices to be flat with the second quarter, and full year glass prices to decline at a low-to-mid single digit percentage. Within Corning's Optical Communications segment, several major carriers are further reducing capital spending on cable deployments and fiber-to-the-home projects. In addition, some enterprise customers have reduced their spending below anticipated levels. Consequently, Corning now expects third-quarter Optical Communications sales to decline year-over-year by a low-teen percentage, versus a prior expectation of a low-single digit percentage decline. For FY19, Corning now forecasts Optical Communications sales will decline by 3% to 5%, versus its prior expectation of a low-to-mid-single digit percentage increase. Corning expects both carrier and enterprise network sales to decline year-over-year in the second half of 2019.

GLW Corning
$30.04

-0.12 (-0.40%)

08/01/19
SUSQ
08/01/19
DOWNGRADE
Target $30
SUSQ
Neutral
Corning downgraded to Neutral at Susquehanna
As reported previously, Susquehanna analyst Mehdi Hosseini downgraded Corning to Neutral from Positive. The analyst moved to the sidelines until he is convinced earnings and CAGR can exceed the earnings from the S&P500. He said until then, he cannot justify its premium valuation because he feels the company has recently failed to execute in managing its portfolio of diverse business units. Hosseini lowered his price target to $30 from $40 on Corning shares.
08/01/19
08/01/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Prudential (PRU) downgraded to Neutral from Buy at B. Riley FBR with analyst Randy Binner citing the company's Q2 results. 2. SBA Communications (SBAC) downgraded to Neutral from Overweight at JPMorgan. 3. Air Products (APD) downgraded to Hold from Buy at HSBC with analyst Sriharsha Pappu citing valuation for the downgrade. 4. T2 Biosystems (TTOO) downgraded to Neutral from Buy at Alliance Global Partners. 5. Corning (GLW) downgraded to Neutral from Positive at Susquehanna with analyst Mehdi Hosseini downgraded Corning (GLW) to Neutral from Positive with analyst Mehdi Hosseini saying he moved to the sidelines until he is convinced earnings and CAGR can exceed the earnings from the S&P500. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/19
LEHM
08/07/19
INITIATION
Target $35
LEHM
Overweight
Corning initiated with an Overweight at Barclays
Barclays analyst Tim Long initiated Corning with an Overweight rating and a price target of $35. The analyst says the Optical Communications sector is set to grow by over 5% over the next 2-3 years thanks to the development of 5G and data center trends, noting that the performance may be lumpy, but overall growth should be "solid" for several years. Long adds that Corning is adding to capacity to support increased demand. The analyst also points to greater penetration of dual-sided Gorilla Glass offsetting the flat market for handsets and sees potential for Corning's automotive glass to make a "meaningful" contribution to backlog as the new dedicated plant starts operations in Q3.
08/08/19
08/08/19
INITIATION

Fly Intel: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Apple (AAPL), Samsung (SSNLF), HP Enterprise (HPE), HP Inc. (HPQ), and Dell Technologies (DELL) initiated with an Equal Weight at Barclays. 2. Avalara (AVLR) initiated with an Outperform at William Blair. 3. BlueLinx (BXC) initiated with a Buy at B. Riley FBR. 4. Corning (GLW) initiated with an Overweight at Barclays while Seagate (STX) was initiated with an Underweight, and Western Digital (WDC) was initiated with an Equal Weight. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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KSU

Kansas City Southern

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BORR

Borr Drilling

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GIL

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People's United

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AMZN

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