Zacks Investment Research upgraded shares of Corning Inc (GLW) from NEUTRAL to OUTPERFORM on July 08, 2014, with a target price of $27.00.
Corning is primarily a developer of advanced glass substrates for multiple markets. First quarter earnings beat the Zacks Consensus Estimate, although the GG business remained soft, impacted by pricing. The weaker-than-expected demand for touch-screen computing devices impacted revenues, but Corning's strong position in other markets should not be discounted. Additionally, while Corning's huge debt balance adds to its risk, net cash remains positive and interest payments small with respect to earnings. Management provided positive guidance, indicating stronger results in the next quarter. Therefore, we upgrade Corning shares from Neutral to Outperform.
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