Goldman Sachs reported that they have downgraded technology company, Corning Incorporated(GLW) on Friday.
The firm has lowered their rating for GLW from a “Buy” to “Neutral,” and has reduced its price target from $14.50 to $14. This price target suggests a 9% increase from the stock’s current price of $12.64.
An analyst from the firm commented, “our September upgrade was primarily motivated by our expectation for improving LCD fundamentals and capital allocation. Those catalysts are now largely exhausted, as Corning beat 3Q and positively preannounced 4Q on higher LCD volumes and raised its dividend by 20%. Looking forward, we see downside to estimates near-term on an LCD inventory correction in 1Q and FX headwinds, though we continue to see value longer-term from Corning’s diversification efforts.”
Corning shares were down 22 cents, or -1.74% during premarket trading Friday. The stock has declined -6.5% in the past year.
The Bottom Line
Shares of Corning (GLW) have a 2.85% dividend yield, based on last night’s closing stock price of $12.64. The stock has technical support in the $11 price area. If the shares can firm up, we see overhead resistance around the $14 price level.
Corning Incorporated(GLW) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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