GLW been beat down by some analysts, I hope they beat estimates on next earnings, UBS maintains rating...
Corning May See Than 20% Earnings Growth Through 2007
Ed Lin, 09.27.05, 9:53 AM ET
UBS Investment Research expects strong third-quarter earnings from Corning (nyse: GLW - news - people ) on strong LCD volume growth and maintained a "buy" rating and price target of $24.
The research firm raised sequential quarterly volume growth for LCDs to 20% from 17.5%; Corning had guided to 15% to 20% growth. UBS sees fourth-quarter sequential growth of 5% to 10%. "We also expect Japanese competitors to have higher production in the fourth quarter of Gen 6 [display substrate] glass, which also factors into our Corning forecast," the firm said.
UBS said it doesn't believe there is any "material inventory of LCD panels/end products currently as the entire LCD foodchain is preparing for the normally strong fourth quarter."
Sell-through of LCD monitors, TVs and notebooks during holiday season through Chinese New Year in late January "will determine inventory situation in the first and second quarters of 2006.
Corning shares "will trade at a premium to the market given our expectation of above-average earnings growth of more than 20% earnings growth in 2005, 2006 and 2007," the firm said.
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.
