Citi upgrades Corning Incorporated (NYSE: GLW) from Hold to Buy and raises its price target from $11.25 to $16, saying LCD glass production/sales have bottomed & should move sequentially higher.
Citi analyst says, “Our upgrade is based on three points: 1) LCD glass production/sales have bottomed & should move sequentially higher in 2Q; 2) Current glass demand now supported by restocking, but will see 2H09 hand-off to end market demand; 3) GLW should see production increase sequentially from 2Q09 through year-end, with strong positive impact on revenues, margins, EPS…
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