Corning, Inc. (GLW)

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Gilford Securities Initiates Coverage on Corning (GLW)

Posted by Alphonse Anthony on Sep 23rd, 2013 // No Comments

Equities researchers at Gilford Securities assumed coverage on shares of Corning (NYSE:GLW) in a research report issued on Monday, American Banking and Market News reports. The firm set a “buy” rating and a $20.00 price target on the stock. Gilford Securities’ target price would suggest a potential upside of 36.33% from the stock’s previous close.

Shares of Corning (NYSE:GLW) opened at 14.67 on Monday. Corning has a 52-week low of $10.71 and a 52-week high of $16.43. The stock’s 50-day moving average is $14.71 and its 200-day moving average is $14.43. The company has a market cap of $21.424 billion and a price-to-earnings ratio of 11.39.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.31 by $0.01. The company had revenue of $2.00 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the company posted $0.31 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts predict that Corning will post $1.27 earnings per share for the current fiscal year.


A number of other analysts have also recently weighed in on GLW. Analysts at Cantor Fitzgerald initiated coverage on shares of Corning (NYSE:GLW) in a research note to investors on Thursday. They set a “hold” rating and a $14.50 price target on the stock. Separately, analysts at Oppenheimer downgraded shares of Corning (NYSE:GLW) from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday, September 3rd. They now have a $18.00 price target on the stock. Finally, analysts at Piper Jaffray Cos. raised their price target on shares of Corning (NYSE:GLW) from $16.00 to $19.00 in a research note to investors on Thursday, August 1st. They now have an “overweight” rating on the stock.

Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $16.34.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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