Weekly Investment Analysts’ Ratings Changes for Corning (GLW)
A number of stock research firms have changed their ratings and price targets for Corning (NYSE: GLW) during the last seven days:
- Corning had its price target lowered by analysts at Jefferies Group to $17.00. They now have a “hold” rating on the stock.
- Corning had its price target raised by analysts at Susquehanna from $25.00 to $26.00.
- Corning had its price target raised by analysts at Cantor Fitzgerald from $18.00 to $19.00.
- Corning had its “neutral” rating reaffirmed by analysts at UBS AG. They now have a $22.00 price target on the stock, down previously from $22.50.
- Corning had its price target raised by analysts at JPMorgan Chase & Co. from $16.50 to $21.00. They now have a “neutral” rating on the stock.
- Corning had its price target raised by analysts at RBC Capital from $19.00 to $22.00. They now have a “sector perform” rating on the stock.
- Corning had its “neutral” rating reaffirmed by analysts at Zacks. They now have a $22.00 price target on the stock. Zacks‘ analyst wrote, “Corning is primarily a developer of advanced glass substrates for multiple markets. First quarter earnings beat the Zacks Consensus Estimate, although the GG business remained soft, impacted by pricing. Management provided positive guidance, indicating stronger results in the next quarter. The weaker-than-expected demand for touch-screen computing devices impacted revenues, but Corning’s strong position in other markets should not be discounted. Additionally, while Corning’s huge debt balance adds to its risk, net cash remains positive and interest payments small with respect to earnings. Thus, we have Neutral recommendation on Corning shares.”
- Corning was downgraded by analysts at HSBC from an “overweight” rating to a “neutral” rating.
Shares of Corning Incorporated (NYSE:GLW) traded up 0.72% during mid-day trading on Thursday, hitting $21.06. 8,491,659 shares of the company’s stock traded hands. Corning Incorporated has a 52-week low of $13.82 and a 52-week high of $21.77. The stock’s 50-day moving average is $20.46 and its 200-day moving average is $18.33. The company has a market cap of $27.557 billion and a price-to-earnings ratio of 17.20. Corning also was the recipient of a large decline in short interest in April. As of April 15th, there was short interest totalling 39,978,650 shares, a decline of 30.9% from the March 31st total of 57,818,514 shares. Approximately 2.9% of the company’s stock are sold short. Based on an average daily trading volume, of 12,515,564 shares, the short-interest ratio is currently 3.2 days.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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