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December 3, 2010 10:43 AM EST
Standpoint Research initiates coverage on Corning (NYSE: GLW) with a Buy rating and $24 price target.
The firm states, "We have been watching GLW from the sidelines for some time and are ready to step in here. The shares have under-performed the S&P-500 by 1000 bps since August 4 and underperformed the Nasdaq by 1500 bps. In our opinion, GLW is undervalued by more than 20%. Our price target is 11X-12X earnings potential of $2.00-$2.20 looking out to 2012. What is just as important as the upside here is that given the underperformance these last four months, GLW may out-perform in a sideways or declining market (if we get a correction off the recent rally).
If the economy cooperates, our multiple and earnings forecast will prove conservative. If GLW goes back in favor, we could take out the three-year high of $27 from 2008 and the five-year high of $29 from 2006. If we were going to set a 2012-2013 price target (as opposed to 2011-2012 in the headline), it would be $27-$29."
StreetInsider.com - Standpoint Research Starts Corning (GLW) at Buy
Standpoint Research initiates coverage on Corning (NYSE: GLW) with a Buy rating and $24 price target.
The firm states, "We have been watching GLW from the sidelines for some time and are ready to step in here. The shares have under-performed the S&P-500 by 1000 bps since August 4 and underperformed the Nasdaq by 1500 bps. In our opinion, GLW is undervalued by more than 20%. Our price target is 11X-12X earnings potential of $2.00-$2.20 looking out to 2012. What is just as important as the upside here is that given the underperformance these last four months, GLW may out-perform in a sideways or declining market (if we get a correction off the recent rally).
If the economy cooperates, our multiple and earnings forecast will prove conservative. If GLW goes back in favor, we could take out the three-year high of $27 from 2008 and the five-year high of $29 from 2006. If we were going to set a 2012-2013 price target (as opposed to 2011-2012 in the headline), it would be $27-$29."
StreetInsider.com - Standpoint Research Starts Corning (GLW) at Buy