Corning Shares Up on LCD Glass Strength

Date: 16 August 2006
Source: Moneycentral.msn.com

Date: 16 August 2006

Shares of Corning Inc., which makes glass for LCD TVs, plus optical fiber, laboratory products and other items, climbed Tuesday after an analyst initiated coverage on the company.Credit Suisse analyst Michael R.

Walker initiated coverage with an "Outperform" rating and set a target price of $24, based on the company's leadership in the LCD display glass market.

"Corning is one of the few true beneficiaries of the mix shift to TVs in the LCD supply chain, which should enable growth and margin expansion in the display business to continue for several more years," Walker wrote in a note to investors.

Walker added that Corning's good relationships with original equipment manufacturers put it in a good position to keep profiting from the LCD business.

"All three primary end markets for Corning's LCD glass -- notebook PCs, desktop monitors, and flat-panel TVs -- are still enjoying strong growth on increasing market penetration and larger screen sizes," Walker wrote, adding that he expects the glass market to grow more than 20 percent a year at least through 2008.

The LCD panel market slowed in 2006 on an inventory glut, but Walker said he expects that to end this year.

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