American Express & Coach Get Muted Initiations, Corning Upgraded

American Express (AXP) and Coach (COH) are initiated while Corning (GLW) gets an upgrade in Thursday's Analysts' Actions. American Express was initiated at Jefferies with a HOLD rating. The price target is set at $95. The analyst who made the call says competitive pressures are likely to push expenses higher for marketing and member rewards. Coach is now being covered with a PERFORM rating at Oppenheimer. The price target is set at $36. The firm says the handbag maker is facing increased competition and 'adopts less promotional stance through brand transformation.' Corning was upgraded to BUY at Citigroup with its price target hiked by $4 to $25. Citi says the company should benefit from renewed strength in TV demand in the next couple of years.