AU Optronics (NYSE:AUO), Corning (NYSE:GLW), LG Display (NYSE:LPL) Still Not Compelling

The LED universe covered by Ticonderoga Securities continues to be uninspiring, and AU Optronics (NYSE:AUO), Corning (NYSE:GLW) and LG Display (NYSE:LPL) offer little in the way of excitement for them.

Ticonderoga said, "Despite Japan Subsidy Program, Sony to Fall Short of LCD TV Target. This morning, a Reuters article indicated that Sony may miss its LCD TV sales target of 25 million units in FY11 (ends in March). Keep in mind, Sony has the benefit of the Eco-Point subsidy program in Japan that drove more than a 400% Y/Y increase in LCD TV units during the month of November based on data from a recent Corning presentation. However, the Eco-Point program is expected to end in March 2011. Given the benefit of this program, Sony's weakness is even more concerning, and this disappointment follows in the footsteps of Best Buy's (NYSE:BBY)(NR) negative commentary last week surrounding the LCD TV market. Also, our recent meeting with China-based electronics retailer Gome (493 HK, HK$2.95, NR) highlighted that LCD TVs were the weakest segment over the Golden Week holiday in China. With end-market demand for LCD TVs and notebook/PCs remaining weak, we continue to find it difficult to get excited about our LCD coverage universe of AU Optronics (Neutral), Corning (Sell) and LG Display (Sell)."

AU Optronics closed Monday at $10.32, down $0.07, or 0.67 percent. Corning closed at $18.92, down $0.07, or 0.37 percent. LG Display closed at $17.17, losing $0.27, or 1.55 percent.