Today’s News on GLW:
Citi Group cuts rating on GLW to hold from buy, the stock is down $0.73 to $22.53 at the time of this post.
City blames the downgrade partly due to valuation as well as an “exhaustion of identifiable catalysts.”
GLW – Corning’s stock has gained 20% so far this year, I’m looking to buy on a pullback to $20.
GLW’s strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations.
Last week’s GLW analyst day confirms long-term opportunities in LCD-TV replacement, solar and non-TV glass, but it said GLW will be “challenged” to find intermediate-term growth.
Net operating cash flow has significantly increased by 129.13% to $2,092.00 million when compared to the
same quarter last year. In addition, CORNING INC has also vastly surpassed the industry average cash flow
growth rate of 2.80%
As they lowered their rating, Citi raised GLW price target to $25.50 from $22.50, seriously? Their advice is ‘don’t buy, the stock is going up.’