2022-05-23 07:00:56 GLW Corning
05/23/22 05/2307:00 05/23/2207:00 | Corning downgraded to Neutral from Buy at CitiCiti analyst Asiya Merchant downgraded Corning to Neutral from Buy with a price target of $37, down from $46. The analyst reduced estimates in glass substrate consumption given lower PC and tablet demand, coupled with lower visibility in demand recovery for premium/large size TVs. Given expectations for a demand downtick in PCs coupled with reduced expectations for demand recovery in the second half of 2022, Merchant cut display revenue expectations for Corning. While fundamentals in optical remain strong, the company's " upside remains gated" by capacity expansion and potential for a demand pause amongst enterprises/cloud customers as macro pressures intensify, the analyst tells investors in a research note. |
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