2023-03-27 06:57:19 ET
- Corning ( NYSE: GLW ) shares rose over 2% premarket on Monday after Deutsche Bank raised its recommendation on the stock from "Hold" to "Buy" and also lifted its price target to $38 from $35.
- The bank sees positive inflections ahead for Corning's ( GLW ) display and optical divisions, which will ultimately boost its top and bottom-line performance. "1Q23 results will mark the bottom for revenue and earnings," said analyst Matthew Niknam.
- The company shares fell in late January after it issued disappointing guidance for first quarter . The outlook reflected impacted consumer sentiment and labor availability in some industries in China, delay in display industry recovery by at least one quarter, and lower OEM production levels in environmental segment, Corning noted at the time.
- SA Quant system rates Corning ( GLW ) as "Hold" . Shares closed on Friday at $32.85 and have slid 13% over the past year
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Deutsche Bank sees positive inflections ahead for Corning