S&P Reiterates BUY Opinion on CORNING Shares

October 07 00:00 2011

NEW YORK, October 7 (RainbowNewsLine.com) – Analyst Todd Rosenbluth of S&P Equity Research reiterates his BUY rating on the shares of CORNING (NYSE: GLW). The target price has been reduced from $19 to $18.

Analyst Todd Rosenbluth, in a research note published yesterday, mentions that the research firm believes GLW’s strong balance sheet and encouraged to see that company planned 50% hike in dividends and $ 1.5 billion share repurchase plan. A high earnings growth potential can be experienced in its Telecom and Environmental segments, the analyst says. The analyst estimate for ’12 EPS at $2.05, which is ahead of Capital IQs consensus, but due to slower macroeconomic conditions, they have lowered ’11 EPS estimates by $0.06 to $1.88. The analyst also believes that the current P/E of 6x do not reflect the true worth of GLW’s strong fundamentals and yield.

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