RBC Capital upgraded its outlook for Corning Inc. on 8 April 2008 as increased global penetration and a move toward larger TV screens strengthens the demand outlook for the firm“s LCD substate glass….
RBC Capital upgraded its outlook for Corning Inc. on 8 April 2008 as increased global penetration and a move toward larger TV screens strengthens the demand outlook for the firm“s LCD substate glass. Analyst Mark Sue also raised his stock price target to USD 30 from USD 26, and lifted his 2008 earnings estimate to USD 176 a share from USD 1.68 a share. The mean estimate of analysts surveyed by Thomson Financial is for 2008 earnings of USD 1.73 a share. “Our global checks indicate healthy retail sales for flat panel TVs in the US, Japan, China and countries in Western Europe; we also observed rapid growth in Russia”, Mr. Sue said in a research note. “While housing starts did impact some sales in the US, we believe the effect was minimal”. Mr. Sue raised his 1Q earnings estimate to USD 0.43 a share from USD 0.41 a share; he sees revenue of USD 1.61 billion and expects gross margin improvement to 49% from 47.9%. Analysts are expecting 1Q earnings of USD 0.42 cents a share and revenue of USD 1.59 billion, on average.