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Topeka Capital Upgrades Corning to a “Buy” (GLW)

Topeka Capital reported that they have upgraded technology company, Corning Incorporated(GLW) to a “Buy” on Tuesday.

The firm has upgraded GLW from a “Hold” to a “Buy,” and has given the company a price target of $15.35 for the year. This price target suggests 21% increase over the stock’s current price of $12.06. The upgraded is due to a reported attractive LCD outlook, which was announced on Tuesday morning.

An analyst from the firm commented, “in light of the strong Black Friday weekend sales that we discussed yesterday and Corning’s upwardly revised LCD glass outlook this morning, combined with the fact that the stock is trading below tangible book value, we are upgrading shares of Corning to Buy from Hold with a 12-month price target of $15.35.”
Shares of Corning (NYSE: GLW) are moving higher after the stock was upgraded to Buy from Hold by analysts at . The upgrade comes in part thanks to revised LCD outlook announced this morning.

Corning shares were up 73 cents, or 6.43% during Tuesday morning trading. The stock is down -6.86% YTD.

The Bottom Line
Shares of Corning (GLW) have a 3.17% dividend yield, based on last night’s closing stock price of $11.35. The stock has technical support in the $10 price area. If the shares can firm up, we see overhead resistance around the $13.00-$13.50 price levels.

Corning Incorporated(GLW) is not recommended at this time, holding a 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.

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