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Corning Now Rated a “Buy” at Bank of America/Merrill Lynch (GLW)

Glass maker Corning Incorporated ( GLW ) on Monday caught a big upgrade from analysts at Bank of America/Merrill Lynch.

The firm boosted its rating on GLW to "Buy" with a $28 price target, suggesting a massive 96% upside to the stock's Friday closing price of $14.32.

A Bank of America/Merrill Lynch analyst commented, "In our opinion, most investors have built in lower panel prices and lower panel maker utilization into their expectations. This along with weak macroeconomic data has contributed to Corning stock falling 11% since its 2Q earnings release. Shares of Corning are trading at just 6x our C12 EPS estimate, which presents a good buying opportunity, in our opinion."

Corning shares were unchanged in premarket trading Monday.

The Bottom Line

Shares of Corning ( GLW ) have a 1.40% dividend yield, based on Friday's closing stock price of $14.32. The stock has technical support in the $12-$13 price area. If the shares can firm up, we see overhead resistance around the $16-$17 price levels.

Corning Incorporated ( GLW ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 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 Nasdaq, Inc.

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

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