Oppenheimer Reiterates “Outperform” Rating on Corning (GLW)

Analysts at Oppenheimer maintained an “Outperform” rating on glass and ceramics manufacturer Corning Incorporated (GLW) on Tuesday following a meeting with the company’s CFO.

The analysts see shares reaching $15, a 17% upside to Monday’s closing price of $12.85.

An Oppenheimer analyst commented, “We hosted Corning CFO, Jim Flaws, in New York on Friday, March 15. We came away confident in our belief that: 1) the display business is poised to bottom out in 2013; 2) the non-display segment has many low-capital intensive growth opportunities; and 3) excess cash generation will be returned to shareholders. We expect multiple expansion as investors start to see these three items play out. With risk priced in, we see downside as limited and investors can collect a 2.8% dividend while waiting. Mr. Flaws acknowledged the near-term risks (weakening yen and display segment skepticism) and indicated that in the next few quarters, we should get a clearer picture of the display glass pricing environment.”

Corning Inc. shares were up 7 cents, or +0.54%, during Tuesday morning trading. The stock is down about -10% over the past year.

The Bottom Line
Shares of Corning Inc. (GLW) have a dividend yield of 2.78% based on Tuesday’s intraday trading price of $12.93 and the company’s annualized dividend payout of 36 cents per share.

Corning Incorporated (GLW) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here