Cantor Cuts Price Target for Corning Incorporated Following 1Q:15 Results
Cantor analyst Brian White weighed in with a few insights on Corning Incorporated (NYSE:GLW), following the company’s first-quarter financial results, posting sales of $2.43 billion, which was below White’s estimate of $2.537 billion (FactSet Consensus was $2.478 billion), while core EPS of $0.35 exceeded White’s EPS projection of $0.34.
The analyst also maintained a Hold rating on GLW, and slightly reduced the price target to $19.50 (from $20), which represents a potential downside of 12% from where the stock is currently trading.
White noted, “Given the softening end-market trends that were impacting the LCD world during our China/Taiwan Tech Tour earlier this month, we believe investors should proceed with more caution across the LCD supply chain this year. As such, we are lowering our sales and EPS projections for 2015 and trimming our 12-month price target to $19.50.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian White has a total average return of 19.7% and a 75.6% success rate. White has a -8.6% average return when recommending GLW, and is ranked #14 out of 3581 analysts.