April 16, 2007, 9:18 am
Corning: UBS Ups EPS Ests On Improving Performance From Telecom Business
Posted by Eric Savitz
Nikos Theodosopoulos, an analyst at UBS, this morning raised his EPS estimates for the first quarter, 2007 and 2008 for Corning (GLW). The analyst raised his first quarter revenue estimate on the glass maker to $1.29 billion from $1.28 billion; EPS goes to 26 cents from 25 cents, based on “likely better than expected performance in Telecom, and possibly LCD.”
Theodosopoulos asserted in a research note this morning that Verizon (VZ) is showing “stable-to-improving” fiber trends; he says there is “strong demand for optical fiber globally. He now sees 11.5% growth in the company’s telecom business, up from 9.4% previously. He also says that “the LCD environment is looking better than expected.”
For 2007, Theodosopoulos ups his EPS estimate to $1.29 from $1.26; for 2008, he goes to $1.42, from $1.40. He maintains a Neutral rating on the stock, but increases his price target to $25 from $24.50.
Corning today is up 7 cents at $23.81.
