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Oppenheimer Upgrades Corning to “Outperform”; Sees Potential 38% Upside (GLW)

By Dividend.com,  August 31, 2012, 08:43:24 AM EDT

Glass maker Corning Incorporated ( GLW ) on Friday caught a big upgrade from analysts at Oppenheimer & Co.

The firm boosted its rating on GLW from "Perform" to "Outperform" with a $16 price target, suggesting a massive 38% upside to the stock's Thursday closing price of $11.62.

Oppenheimer praised the stock's decent-sized dividend and solid share buybacks, along with a relatively low potential downside. It also sees plenty of potential upside, given new technologies and the possibility of macroeconomic recovery.

An Oppenheimer analyst noted that "Catalysts will be display glass prices moderating while volumes start to rebound, other segments seeing favorably shifting market dynamics, and a potential dividend increase."

Corning shares rose 46 cents, or +4%, in premarket trading Friday.

The Bottom Line
Shares of Corning ( GLW ) have a 2.58% dividend yield, based on last night's closing stock price of $11.62. The stock has technical support in the $10-$11 price area. If the shares can firm up, we see overhead resistance around the $13 price levels.

Corning Incorporated ( GLW ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 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 .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: GLW



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