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Corning: LG Display Results Add To Fears On LCD Market

Post Time:Jul 10,2008Classify:Industry NewsView:488

Corning

Yesterday,

Today, panel maker LG Display

Meanwhile, Davenport & Co.’s F. Drake Johnstone this morning cut his rating on the stock to Buy from Strong Buy; he trimmed his price target to $31 from $35. He also cut his EPS estimates for the company: for Q3, he goes to 45 cents, from 49 cents; for ‘08, $1.85, down from $1.90; for ‘09, $1.95, down from $2.09. Johnstone said the adjustments reflect “the uncertain near-term demand outlook for the LCD television sector.”

Ajit Pai, an analyst with Thomas Weisel Partners, late yesterday trimmed his own numbers for Corning, asserting that “the weight of the evidence increasingly points to softening demand and a rising supply-demand imbalance, particularly evident in the dramatic drop in panel shipments and prices in June and early July.” He cut his 2008 EPS estimate to $1.98 from $2.03; for 2009 he goes to $2.04, from $2.07. Pai rates the stock Market Weight, with a $24 price target.

Corning today is down 45 cents, or 2.1%, to $20.85; yesterday, the stock fell 92 cents.

Source: blogs.barrons.com/techtraderdailyAuthor: admin

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