Susquehanna Increases Corning Price Target to $26.00 (GLW)
Research analysts at Susquehanna lifted their price target on shares of Corning (NYSE:GLW) from $25.00 to $26.00 in a report released on Monday, American Banking News.com reports. Susquehanna’s price target suggests a potential upside of 23.99% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Jefferies Group cut their price target on shares of Corning to $17.00 in a research note on Friday. They now have a “hold” rating on the stock. Separately, analysts at Stifel Nicolaus downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday, April 14th. They now have a $20.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at UBS AG downgraded shares of Corning from a “buy” rating to a “neutral” rating in a research note on Friday, April 11th. They now have a $22.50 price target on the stock, up previously from $19.50. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $19.71.
Corning (NYSE:GLW) traded up 1.11% on Monday, hitting $20.97. 17,078,012 shares of the company’s stock traded hands. Corning has a 52 week low of $13.82 and a 52 week high of $21.77. The stock has a 50-day moving average of $20.36 and a 200-day moving average of $18.24. The company has a market cap of $29.193 billion and a price-to-earnings ratio of 15.48. Corning also was the recipient of unusually large options trading on Friday. Traders purchased 33,197 put options on the stock. This is an increase of approximately 266% compared to the average daily volume of 9,078 put options.
Corning (NYSE:GLW) last announced its earnings results on Monday, April 28th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.01. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, analysts predict that Corning will post $1.47 earnings per share for the current fiscal year.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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