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Corning -2.2% on pre-earnings BofA/Merrill downgrade

Post Time:Jul 14,2015Classify:Company NewsView:363

Stating LCD glass volumes are likely to disappoint, BofA/Merrill has downgraded Corning (NYSE:GLW) to Underperform ahead of its July 28 Q2 report, and set a $16 target.BofA thinks Corning's end-markets are performing worse than expected, and forecasts Q3 glass volume will be flat-to-down Q/Q, worse than a consensus for 7%-10% growth.

Shares now -17% YTD. They trade for 12x a 2016 EPS consensus of $1.60. RBC upgraded last month.

Source: http://seekingalpha.com/news/2624595-corning-minusAuthor: shangyi

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