Specialty glassmaker Corning Incorporated ( GLW ) on Wednesday saw its earnings estimates cut by analysts at two major Wall Street firms.
Morgan Stanley said it lowered its estimates for GLW through 2012, citing lower recent demand for its "gorilla glass" due to lower tablet demand. The firm maintained its "Equal-weight" rating.
Meanwhile, UBS cut its price target on GLW to $17, suggesting a smaller but still-sizable 29% upside to the stock's Tuesday closing price of $13.19. The analyst also maintained its "Buy" rating but lowered its earnings estimates, citing lower guidance in its gorilla glass unit.
Corning shares rose 25 cents, or +1.9%, in premarket trading Wednesday.
The Bottom Line
Shares of Corning ( GLW ) have a 2.27% dividend yield, based on last night's closing stock price of $13.19. The stock has technical support in the $10-$11 price area. If the shares can firm up, we see overhead resistance around the $16 price level.
Corning Incorporated ( GLW ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.
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