The fourth-quarter earnings results have been pouring in this week, and one thing’s for sure. Many of the top technology stocks that are leaders in their respective subsectors are knocking the proverbial ball out of the park. In addition to delivering some stellar earnings results, many of the companies are very positive on not only the first quarter but also all of 2021 and beyond.
In a series of new reports, the technology team at BofA Securities not only reiterated the firm’s Buy ratings on some of the highest profile technology companies, it also raised price targets as well. With the market pricey, and the potential for a correction very possible, it makes sense to stay with the top companies now. It is also important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
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Corning
This company continues to be a huge player in the fiber optic world. Corning Inc. (NYSE: GLW) is a technology pioneer that manufactures LCD glass for flat-panel displays for multiple product lines.
Telecommunications (30% of sales) produces optical fiber and cable, component hardware and equipment, and photonic components for the telecommunications, CATV and networking industry. In addition, the company’s Environmental Technologies division (12% of sales) produces specialized glass, glass ceramic and polymer-based products for the automotive industry.
The stock has been a BofA Securities favorite for years. Its report noted this:
Corning reported a strong fourth quarter. Fiscal year 2021 benefits from Display tightness and recovery in Optical. We are optimistic on display given the tightness in the glass market coupled with strong demand and ramping 10.5G Fabs. Specialty Materials growth moderates to low single digit year-over year in fiscal 2021.
Shareholders receive a 2.41% dividend. BofA Securities raised the price target to $44 from $40, while the Wall Street consensus target is $35.70 Corning stock rose over 3% on Thursday to close at $36.44.
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