Corning (NYSE:GLW) Should Outperform in 1H11 Says Barclays (NYSE:BCS)

Corning (NYSE:GLW) is expected to outperform in the first half of 2011 says Barclays (NYSE:BCS), citing strength in glass.

Barclays noted, "We Continue to View Corning as a 1H11 Outperformer: In our 10/28 note, 'Inflection at Hand, Time to Be Aggressive,' we highlighted our expectations for 4Q10 to mark the trough for both LCD glass and panel makers, and recommended that investors build positions in Corning. Since that point, shares have bounced around between $17.50 and $19.00, with current levels at the upper end of the range. And while recent data points on Black Friday suggest that sell-through was only ok, that TV inventory levels have not been fully worked down, and that the panel restocking activity into 1Q11 may therefore be slightly more muted than initially anticipated, we continue to expect 4Q to mark the trough for the industry and GLW shares to outperform in 1H11 supported by seasonal glass recovery, continued focus on Gorilla Glass, and potential for a buyback and/or increased dividend program.

"We maintain our Dec Q estimates of $1.54B/$0.46 (cons $1.56B/$0.47), our Mar Q estimates of revs/EPS of $1.52B/$0.43 (cons $1.57B/$0.41), and our CY11 of $7.01B/$2.00 (cons $7.02B/$1.93)."

Barclays reiterates their "Overweight" rating on Corning, which closed Friday at $18.74, up slightly by $0.02, or 0.11 percent. They have a price target of $24 on them.