And as always, the move back up in PPS after some profit taking will lead to new 52 week highs before earnings day in late July.
Just a couple of days left in Q2, SOLID earnings report in a few weeks to move GLW to 20 post earnings.
Nice to know that Corning is taking MILLIONS of discounted shares off the street with current buyback program.
Current forward PE is a lowly 8. Oh my, put your money in for goodness sakes!
Corning Incorporated : We anticipate a reversal
06/26/2013 | 08:35am
Opinion : Bullish above 13.8 USD
Target price : 15.2 USD
Stop loss: 13.7 USD
Electrical Components / Equipment
The upward trend could come to support Corning Incorporated in the coming trading sessions.
The company recently enjoyed upward revision in earning per share estimates. Further, the stock is undervalued with a PER 2013 of 10.8x compared to 15.2x in average for the sector.
Technically, the share recently knew a sharp decrease which led it to the USD 13.8 major support level. The latter, combined with the 100-day moving average and a bullish trend line, may help prices to bounce, in the coming trading session.
In this configuration, investors can take a buy order on this level and get a good entry point to aim USD 15.2. A stop must be fixed below the USD 13.8 medium term support.
"Corning's A3 and Prime-2 ratings favorably reflect its considerable balance sheet strength, ongoing profitability, substantial liquidity, and leading global market shares across multiple segments."
Rating Action: Moody's assigns Prime-2 short-term rating to Corning; outlook stable
Global Credit Research - 26 Jun 2013
Senior Unsecured ratings of A3 on approximately $2.7 billion of long-term debt affirmed
New York, June 26, 2013 -- Moody's Investors Service assigned Corning Incorporated (Corning) a short-term rating of Prime-2 which will apply to the company's new $1 billion commercial paper program. The rating agency affirmed Corning's A3 senior unsecured and (P)A3 senior unsecured shelf ratings. The outlook is stable.
Corning will establish a $1 billion commercial paper program which will be exempt from registration requirements under Section 4(a)(2) of the Exchange Act. Corning's liquidity is supported by an existing $1 billion revolving credit facility which extends to March 2018.
Corning's A3 and Prime-2 ratings favorably reflect its considerable balance sheet strength, ongoing profitability, substantial liquidity, and leading global market shares across multiple segments. The company has a strong intellectual property portfolio and participates in sectors with good long-term growth prospects. Its business stature is supplemented by sizable investments in two profitable joint ventures that remit significant cash dividends. The value of those investments along with large cash holdings provide multiple times' asset coverage of funded debt. Requisite technology, capital and R&D intensity and established customer relationships with long-term purchase contracts in the display segment collectively establish material barriers to entry which should sustain Corning as a leader across many of its segments. Yet several end-markets remain cyclical, have certain product-life cycle horizons requiring ongoing investment in research and development.
A number of other firms have also recently commented on GLW. Analysts at RBC Capital raised their price target on shares of Corning from $15.00 to $16.00 in a research note to investors on Thursday, June 20th. They now have a sector perform rating on the stock. Separately, analysts at Oppenheimer reiterated an outperform rating on shares of Corning in a research note to investors on Wednesday, June 19th. They now have a $18.00 price target on the stock. Finally, analysts at Sanford C. Bernstein reiterated an outperform rating on shares of Corning in a research note to investors on Friday, June 14th. They now have a $16.80 price target on the stock.