Ticonderoga has had a 'Sell' on GLW for a long time. Now they maintain a sell rating but are forecasting better numbers than consensus. That said, they have a $15 price target on the stock. They expect them to beat Q1 and Q2 but see a 25% decline in share price. One of the more odd analysis of GLW I've read.
Ticonderoga Maintains a 'Sell' on Corning (GLW); 1Q11 Earnings Preview 9:56 am ET 04/25/2011 - StreetInsider
Ticonderoga maintains a 'Sell' on Corning (NYSE: GLW), PT $15. Ticonderoga analyst says, "GLW to Stitch Together an In-Line Quarter - We believe that Corning will meet our 1Q11 revenue estimate of $1.86 billion and our EPS estimate of $0.45 (Street is at $0.44). Corning has many moving parts to its income statement and avoids providing an official outlook (e.g., sales, EPS). The company also has wiggle room with its earnings results through tax rates, equity earnings and small acquisitions that can make up for slack in its core business. We expect specialty materials to show the best Q/Q sales growth on the ramp of new Gorilla programs (e.g., Sony Bravia TV, iPad 2, other tablets, PCs), while environmental technologies should benefit from auto strength...LCD Market Remains Muted but 1Q Price Cuts Help Shipments...LCD TV Growth and Japanese Yen to Be Less of a Tailwind for GLW." "GLW Likely to Be Overly Optimistic on Outlook and Lots of Gorilla Talk. For 2Q11, we are projecting sales of $2.07 billion and pro forma EPS estimate of $0.53 (Street at $0.48). We expect Corning to talk big about the ramp of new Gorilla glass programs in 2Q11 and benefit from a telecom uptick, while remaining overly optimistic about its LCD glass business." For more ratings news on Corning click here and for the rating history of Corning click here. Shares of Corning closed at $20.39 yesterday, with a 52 week range of $15.45-$23.43.