FedEx (FDX) (PNRA) (QCOR) (GLW) (KCP) (NVS) (PHM) Ratings, Price Targets

FedEx (NYSE: FDX), Panera Bread Company (NASDAQ: PNRA), Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR), Corning Inc. (NYSE: GLW), Kenneth Cole Productions (NYSE: KCP), Novartis (NYSE: NVS) and PulteGroup, Inc. (NYSE: PHM) had ratings and price targets on them adjusted by analysts.

Panera Bread Company (PNRA) had its price target raised by Oppenheimer (NYSE:OPY) from $150.00 to $175.00. They have an “Outperform” rating on the company.

Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) had its price target lowered by Ladenburg Thalmann from $51.00 to $46.00. They have a “Buy” rating on the company.

FedEx (FDX) was upgraded by Bank of America (NYSE:BAC) from a “Neutral” rating to a “Buy” rating.

Corning Inc. (GLW) was upgraded by Piper Jaffray (NYSE:PJC) from a “Neutral” rating to an “Overweight” rating. They have a price target of $16.00 on the company.

Kenneth Cole Productions (KCP) was upgraded by Sterne Agee from a “Neutral” rating to a “Buy” rating.

Novartis (NVS) was downgraded by Bank of America to an “Underperform” rating.

PulteGroup, Inc. (PHM) was downgraded by Raymond James (NYSE:RJF) from an “Outperform” rating to a “Market Perform” rating.

Harris (HRS) (IRWD) (KEYW) (ENDP) (GLW) (HOGS) Get New Coverage

Harris (NYSE: HRS), Ironwood Pharmaceuti (NASDAQ: IRWD), KEYW Holding (NASDAQ: KEYW), Endo Pharmaceuticals (NASDAQ: ENDP), Corning Inc. (NYSE: GLW) and ZHONGPIN INC. (NASDAQ: HOGS) getting new coverage from analysts.

Harris (HRS) is now covered by Sterne Agee. They placed a “Neutral” rating on the company.

Ironwood Pharmaceuticals (IRWD) is now covered by ThinkEquity. They placed a “Hold” rating on the company.

KEYW Holding (KEYW) is now covered by Sterne Agee. They placed a “Buy” rating on the company.

Endo Pharmaceuticals (ENDP) is now covered by ThinkEquity. They placed a “Buy” rating on the company.

Corning Inc. (GLW) is now covered by KeyBanc. They placed a “Hold” rating on the company.

ZHONGPIN INC. (HOGS) is now covered by Oppenheimer. They placed an “Outperform” rating and a price target of $12.00 on the company.

Corning (GLW) (FFIV) (PAA) (VOD) (CSTR) Ratings, Price Targets

Corning (NYSE:GLW), F5 Networks (NASDAQ:FFIV), Plains All American Pipeline (NYSE:PAA), Vodafone PLC (NASDAQ:VOD) and Coinstar (NASDAQ:CSTR) ratings and price targets.

KeyBanc Capital initiated coverage on Corning (GLW). They have a "Hold" rating on the company.

Morgan Keegan initiated coverage on F5 Networks (FFIV). They have a price target of $126.00 on the company.

Plains All American Pipeline (PAA) was upgraded by Morgan Stanley (NYSE:MS) from an "Equal Weight" rating to an "Overweight" rating.

Vodafone PLC (VOD) was upgraded by Goldman Sachs (NYSE:GS) from a "Neutral" rating to a "Buy" rating.

Coinstar (CSTR) was downgraded by Morgan Keegan from an "Outperform" rating to a "Perform" rating. They have a price target of $42.00 on the company.

Freeport (FCX) (VAR) (WSM) (GLW) (FDX) Price Targets Cut

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Varian Medical Systems (NYSE: VAR), Williams-Sonoma, Inc. (NYSE:WSM), Corning (NYSE:GLW) and FedEx Corporation (NYSE:FDX) had their price targets cut by analysts.

Freeport-McMoRan Copper & Gold Inc. (FCX) had its price target cut by Morgan Stanley (NYSE:MS) to $65. They maintain their “Overweight” rating on the company.

Varian Medical Systems (VAR) had its price target lowered by analysts at Ticonderoga from $80.00 to $68.00. The have a “Buy” rating on the stock.

Williams-Sonoma, Inc. (WSM) had its price target lowered by analysts at Wedbush Securities. They maintained their “Outperform” rating on company, cutting its price target from $46 to $43.

Corning (GLW) had its price target cut from $18 to $16.50 by Citi Investment Research.

FedEx Corporation (FDX) had its price target slashed by JP Morgan (NYSE:JPM) from $116 to $105. They maintain an "Overweight" rating on the company.

CNH (CNH) (UMBF) (ARO) (GLW) (UA) (CBS) Upgraded

CNH Global (NYSE: CNH), UMB Financial Co. (NASDAQ: UMBF), Aeropostale, Inc. (NYSE: ARO), Corning Inc. (NYSE: GLW), Under Armour, Inc. (NYSE: UA) and CBS (NYSE: CBS) upgraded by analysts.

CNH Global (CNH) was upgraded by Goldman Sachs (NYSE:GS) from a “Sell” rating to a “Neutral” rating.

UMB Financial Co. (UMBF) was upgraded by Keefe, Bruyette & Woods, Inc. from an “Underperform” rating to a “Market Perform” rating.

Aeropostale, Inc. (ARO) was upgraded by Brean Murray from a “Hold” rating to a “Buy” rating. They have a price target of $16.00 on the company.

Corning Inc. (GLW) was upgraded by Ticonderoga from a “Sell” rating to a “Neutral” rating.

Under Armour, Inc. (UA) was upgraded by Needham & Company from a “Hold” rating to a “Buy” rating. They have a price target of $71.00 on the company.

CBS (CBS) was upgraded by Argus from a “Hold” rating to a “Buy” rating.

Amdocs (DOX) (DOW) (EQIX) (GLW) (IACI) (LRCX) (LSI) Price Targets Changed

The Dow Chemical Company (NYSE: DOW), Amdocs Limited (NYSE: DOX), Equinix, Inc. (NASDAQ: EQIX), Corning Inc. (NYSE: GLW), InterActiveCorp (NASDAQ: IACI), Lam Research Co. (NASDAQ: LRCX) and LSI Co. (NYSE: LSI) price targets adjusted by analysts.

The Dow Chemical Company (DOW) had its price target lowered by Deutsche Bank (NYSE:DB) from $44.00 to $38.00. They have a “Hold” rating on the company.

Amdocs Limited (DOX) had its price target raised by UBS AG (NYSE:UBS) from $33.00 to $35.00. They have a “Buy” rating on the company.

Equinix, Inc. (EQIX) had its price target raised by Stifel Nicolaus from $120.00 to $130.00. They have a “Buy” rating on the company.

Corning Inc. (GLW) had its price target lowered by Citigroup (NYSE:C) to $18.00. They have a “Hold” rating on the company.

InterActiveCorp (IACI) had its price target raised by Oppenheimer to $53.00.

Lam Research Co. (LRCX) had its price target cut by Stifel Nicolaus from $64.00 to $60.00. They have a “Buy” rating on the company.

LSI Co. (LSI) had its price target raised by Barclays Capital to $8.00. They have an “Equal Weight” rating on the company.

Trina (TSL) (GG) (AKS) (GLW) (HES) (WLL) (NEE) Downgraded

Trina Solar (NYSE: TSL), Goldcorp Inc. (NYSE: GG), AK Steel Holding Co. (NYSE: AKS), Corning Inc. (NYSE: GLW), Hess Corp (NYSE: HES), Whiting Petroleum Co. (NYSE: WLL) and NextEra Energy, Inc. (NYSE: NEE) downgraded by analysts.

AK Steel Holding Co. (AKS) was downgraded by Susquehanna from a “Positive” rating to a “Neutral” rating.

Goldcorp Inc. (GG) was downgraded by TD Newcrest to a “Buy” rating.

Corning Inc. (GLW) was downgraded by Credit Agricole to an "Outperform” rating.

Hess Corp. (HES) was downgraded by Howard Weil from an “Outperform” rating to a “Market Perform” rating. They have a price target of $84.00 on the company.

Trina Solar (TSL) was downgraded by Collins Stewart from a “Buy” rating to a “Neutral” rating.

Whiting Petroleum Co. (WLL) was downgraded by BMO Capital Markets from an “Outperform” rating to a “Market Perform” rating.

NextEra Energy, Inc. (NEE) was downgraded by Robert W. Baird from an “Outperform” rating to a “Neutral” rating. They have a price target of $59.00 on the company.

Apple (AAPL) (BBY) (GLW) (TLEO) (CNW) Ratings Maintained

Ratings on Apple, Inc (NASDAQ: AAPL), Best Buy Co., Inc. (NYSE: BBY), Corning Inc. (NYSE: GLW), Taleo Corp (NASDAQ: TLEO) and Con-way Inc. (NYSE: CNW) reiterated by analysts.

JPMorgan Chase & Co. (NYSE:JPM) reiterated an “overweight” rating on Taleo Corp (TLEO).

Citigroup (NYSE:C) reiterated a “hold” rating on Corning Inc. (GLW).

JPMorgan Chase & Co. reiterated an “underweight” rating on of Con-way Inc. (CNW).

Sterne Agee reiterated a “buy” rating on Apple, Inc (AAPL).

Deutsche Bank (NYSE:DB) reiterated a “buy” rating on Best Buy Co., Inc. (BBY).

Apple closed Wednesday at $351.76, gaining $2.33, or 0.67 percent. Best Buy Co. ended the session at $32.00, dropping $0.24, or 0.74 percent. Corning closed at $18.24, down $0.07, or 0.38 percent. Taleo closed at $36.96, climbing $0.12, or 0.33 percent. Con-Way closed at $41.87, rising $2.24, or 5.65 percent.

Hess (HES) (HGIC) (EQIX) (GLW) (FTNT) Price Targets Adjusted

Price targets on Hess Corp (NYSE: HES), Harleysville Group Inc. (NASDAQ: HGIC), Equinix, Inc. (NASDAQ: EQIX), Corning Inc. (NYSE: GLW) and Fortinet, Inc. (NASDAQ: FTNT) adjusted by analysts.

Kaufman Brothers raised their price target on Equinix, Inc. (EQIX) from $83.00 to $85.00. They have a “hold” rating on the company.

RBC Capital raised their price target on Fortinet, Inc. (FTNT) from $44.00 to $48.00. They have an “outperform” rating on the company.

Goldman Sachs (NYSE:GS) raised their price target on Corning Inc. (GLW) to $25.00. They have a “neutral” rating on the company.

Oppenheimer raised their price target on Hess Corp (HES) from $84.00 to $94.00. They have an “outperform” rating on the company.

RBC Capital cut their price target on Harleysville Group Inc. (HGIC) from $37.00 to $35.00. They have a “sector perform” rating on the company.

Time to Buy Corning (GLW)?

With the energy sector and commodity companies attracting a lot of attention from investors recently, some companies in the tech sector have been trading at low valuations, offering what looks like excellent buying opportunities, like with Corning Incorporated (NYSE:GLW).

Earnings estimates for Corning are a little over $2 a share for 2011, and even more in 2012, so the PE ratio is about 10 on these estimates.

The shares have been trading in a range from $15.45 to $23.43 in over the past 52 weeks. The 50 day moving average is $21.87 and the 200 day moving average is $18.93.

Because Corning's shares have been under pressure recently and are trading below the 50 and 200 day moving averages, buying incrementally in order to take advantage of expected dips would be a good strategy.

With the moving average of about $19 a share, that would also be a place to look to enter at for a full position.

Corning was trading at $20.49, gaining $0.09, or 0.44 percent, as of 1:54 PM EDT.

Are Techs (IBM) (ONNN) (LAVA) (GLW) Undervalued?

Shares of ON Technologies (Nasdaq:ONNN), IBM (NYSE:IBM), Magma Design Automation (Nasdaq:LAVA) and Corning Inc. (NYSE:GLW) appear to be undervalued, as the tech sector continues to roll, even in the midst of concerns it could be approaching bubble proportions again.

Technology is well beyond peak earnings from late 2007 - proof that these companies are getting the job done despite doubts.

IBM (IBM) is an example of that assertion. 2010's EPS of $11.58 beat 2009's $10.01, both of which were better than 2007's $7.13. In fact, IBM is working on its seventh year in a row of bottom line growth.

Semiconductor maker ON Technologies (ONNN) is just coming off its best year in its history. Without using any accounting tricks, it has a trailing P/E of 15.5 and forward-looking (12-month) one of 7.71, making it desirable for investors.

Strongest Earnings Growth

If Magma Design Automation (LAVA) hadn't already posted a significant improvement in earnings on a rolling year-over-year basis, it might be hard to believe it could grow income by 59 percent in fiscal 2012, which it probably will.

Corning Inc. (GLW) with its PEG ratio of 0.96 appears to have found the best balance profit growth and current valuation. GLW is priced under 10 times its past and future earnings. It grew earnings by 41 percent, and is on pace for modest growth this and next year. With more beats than misses over the last couple of years though, the G in the PEG ratio may end up being bigger than expected.

IBM was trading at $162.81, up $1.44, or 0.89 percent, as of 1:14 PM EDT. ON Semiconductor was at $9.99, up $0.01, or 0.10 percent. Magna was trading at $6.585, down $0.055, or 0.83 percent. Corning was at $21.19, down $0.26, or 1.19 percent.




Source

Corning (NYSE:GLW) Up on Improving Conditions, Outlook

Corning (NYSE:GLW) looks solid in their current markets and appears ready to increase its revenue opportunities in other segments.

Brigantine says, "With inventory levels returning to a healthy state, IT panel pricing stable, TV panel ASP declines moderating, utilization rates aggressively managed, and demand poised to pick up at the end of 1Q11, we continue to believe that the LCD industry is approaching a 'bottom.' Fundamentally, we believe Corning is a robust company building on its core competencies to increase its revenue opportunities (i.e. solar, environmental technologies, touch, life sciences), while maintaining its dominant position in current markets."

Brigantine Advisors reiterates a "Buy" rating on Corning (GLW), which was trading at $21.84, up $0.64, or 2.99 percent, as of 2:26 PM EST. Brigantine raised their price target on Corning from $22 to $23.

Corning (NYSE:GLW) Soars on Revenue, EPS Guidance

Shares of Corning (NYSE:GLW) took off as the company raised their revenue and EPS estimate outlook.

Ticonderoga says, "Overall, Corning's revenue outlook is above our estimates and the Street and Corning benefits from a 15% tax rate versus the 20% the company discussed in early December that adds approximately $0.02 to EPS, by our calculations. Gross margin is expected to be slightly higher sequentially in 1Q11. Corning does not give a direct revenue and EPS outlook. For 1Q11, telecom sales are expected to be flat sequentially, while Environmental Technologies sales are expected to be flat. Specialty materials sales are expected to rise 20-25% sequentially on Gorilla glass, and Life Sciences is expected to rise slightly. Our estimates and price target are currently under review."

Ticonderoga reiterates a "Sell" rating on Corning (GLW), which closed Tuesday at $21.21, gaining $1.57, or 7.99 percent.

Corning (NYSE:GLW) Soars on Revenue Hit, Guidance, but EPS Misses

Corning (NYSE:GLW) reported a significant beat in revenue, and the stock was rewarded by traders today, as it was up over 6 percent at 12:00 PM EST.

But their guidance that sales from their joint venture with Samsung would get better in the second quarter also has driven the stock price, as well as several other more bullish outlooks for certain segments of the company.

Revenue for the fourth quarter reached $1.77 billion a 15 percent gain, and far above the $1.61 billion analysts were looking for on average. Earnings per share were a penny shy of the 46 cents expected.

Corning’s “Gorilla Glass” performed especially well for them, helping their specialty materials segment grow by 79 percent.

Corning was trading at $20.85, gaining $1.21, or 6.16 percent, as of 12:04 PM EST.

Corning (NYSE:GLW) Will Best Revenue Estimates, But Nowhere to Go

While Corning (NYSE:GLW) should easily beat revenue estimates in the fourth quarter, the overall LCD sector continues to look anemic, with very little in the way of catalysts, and that will continue to weigh on companies with heavy exposure to LDCs for the foreseeable future.

Ticonderoga says, "We believe that Corning will handily beat our 4Q10 revenue estimate of $1.48 billion and exceed the Street estimate of $1.60 billion, while beating our EPS estimate of $0.47 (Street is also at $0.47). We did not adjust our model for the upside Corning discussed at its wholly owned LCD glass and environment technologies businesses that positively impacts sales, nor the downside in SCP and the tax adjustment that impacts earnings. Corning's adjusted view (12/8/10) had a minor impact to earnings, in our view. Corning's revised expectations for 4Q10 calls for LCD glass volume at its wholly owned subsidiary to rise by 10% sequentially, while volumes at SCP are expected to fall by 5-10% sequentially. Keep in mind, LG Display (NYSE:LPL)(Sell) is a customer for SCP and last week reported a 10% Q/Q uptick in LCD panel volume during 4Q10 but inventories fell by 11% Q/Q and pricing declined 11% Q/Q. Large-size unit shipments for our Taiwan LCD Barometer rose 3% Q/Q in 4Q10."

Ticonderoga reiterates a "Sell" rating on Corning (GLW), which closed Monday at $19.64, gaining $0.31, or 1.60 percent. Ticonderoga has a price target of $12.25 on Corning.

LG Display (NYSE:LPL), Corning (NYSE:GLW), AU Optronics (NYSE:AUO) and Economics of Panel Industry

LG Display (NYSE:LPL) continues to struggle enormously, as well as competitors Corning (NYSE:GLW) and AU Optronics (NYSE:AUO) in the panel segment.

Recently Ticonderoga Securities made a statement that a lot are probably wondering about, and that is that the "economics of the panel industry simply are not there."

Assuming that's correct (and it probably is), this is a blow to those with heavy exposure to the panel industry, which continues to struggle to find footing.

On LG Display's recent earnings report, Ticonderoga said this, "...LG Display reported 4Q10 sales of US$5.73 billion that came in lower than our estimate of $5.89 billion. While sales declined 2% Q/Q on a U.S. dollar basis, the decrease was 3% Q/Q in Korean Won and compared to our flat estimate. EPS came in at negative $0.33 (lower tax was big benefit in the quarter) and was significantly lower than our profit projection of $0.13, as the company entered the red again after seven quarters. Keep in mind, the company recorded a $238 million operating loss related to litigation around price fixing and a loss of $150 million from operations. The LCD supply chain stocks continue to meander in search of a catalyst, in our opinion."

LG Display closed Friday at $16.26, down $0.46, or 2.75 percent. GLW closed at $19.33, down $0.05, or 0.26 percent. AU Optronics closed at $9.62, losing $0.28, or 2.83 percent.

LG Display (NYSE:LPL) Still Lacks Catalyst

The disappointing earnings report from LG Display (NYSE:LPL), highlighted not only the lack of a catalyst for them, but for competitors like Corning (NYSE:GLW) and AU Optronics (NYSE:AUO) as well.

Ticonderoga says, "This morning, LG Display reported 4Q10 sales of US$5.73 billion that came in lower than our estimate of $5.89 billion. While sales declined 2% Q/Q on a U.S. dollar basis, the decrease was 3% Q/Q in Korean Won and compared to our flat estimate. EPS came in at negative $0.33 (lower tax was big benefit in the quarter) and was significantly lower than our profit projection of $0.13, as the company entered the red again after seven quarters. Keep in mind, the company recorded a $238 million operating loss related to litigation around price fixing and a loss of $150 million from operations. The LCD supply chain stocks continue to meander in search of a catalyst, in our opinion. The economics of the panel industry simply are not there, in our view. We also believe Corning (GLW)(Sell) and AU Optronics (AUO)(Neutral) will continue to struggle."

Ticonderoga maintains a "Sell" rating on LG Display (LPL), which was trading at $16.54, down $0.18, or 1.08 percent, as of 2:02 PM EST. Ticonderoga has a price target on LG Display of $11.

Brigantine Advisors Positive on Corning (NYSE:GLW), Universal Display (Nasdaq:PANL)

Saying the chrystal cycle is nearing a bottom, Brigantine Advisors believes those benefiting the most will be Corning (NYSE:GLW) and Universal Display (Nasdaq:PANL).

Brigantine said, "Yesterday, DisplaySearch released 1H January 2011 panel pricing, Samsung provided 2011 capex guidance and Corning officially announced its first LCD TV Gorilla cover glass win.

"Implications: Panel pricing data neutral for LCD industry, but we believe that the crystal cycle is approaching a 'bottom.' We maintain our preference for LCD glass leader, Corning (NYSE: GLW)(BUY-rated, $22 PT). Samsung’s 2011 capex big winner is OLED, which we believe is positive for Universal Display (Nasdaq: PANL)(HOLD). The capex forecast of KRW5.4 trillion (US $4.83 billion) is large, but not terribly surprising considering SMD’s (Samsung Mobile Display) OLED leadership and open discussions of its 5.5G fab plans and its intention to build an 8G fab. Corning’s first TV cover glass win was announced, which believe is positive as Gorilla glass revenue momentum continues to expand."

Corning was trading at $19.35, up $0.37, or 1.95 percent, as of 12:37 PM EST. Universal Display was trading at $35.00, up $0.11, or 0.32 percent.

LCDs AU Optronics (NYSE:AUO), LG Display (NYSE:LPL), Corning (NYSE:GLW) Not Much to Get Excited About

Speaking on their LCD univese, Ticonderoga Securities said there are incremental challenges for the sector as a whole, and companies they cover, like AU Optronics (NYSE:AUO), LG Display (NYSE:LPL) and Corning (NYSE:GLW) are unimpressive at this time.

Ticonderoga said, "In light of this week's Consumer Electronics Show in Las Vegas, we wanted to check the pulse of the LCD supply chain following the holidays. Overall, we found the tone incrementally more negative versus our recent China Tech Tour but we expect to hear more during CES. Given the near-term uncertainty and our expectations for meaningfully slower LCD TV growth rates in 2011, we continue to find difficult to get excited about our LCD universe, which consists of AU Optronics (NYSE: AUO)(Neutral), LG Display (NYSE: LPL)(Sell) and Corning (NYSE: GLW)(Sell)."

After an Uptick, PC Monitor Panel Prices Starting to Flatline.

"During our recent China Tech Tour, we highlighted the rise of PC monitor panel prices during October, November and expectations for a continued increase in December. However, our checks are highlighting that the panel price rise hit a ceiling during the second-half of December and have flat-lined. Also during our China Tech Tour, we highlighted another round of PC cuts across the tech supply chain. This morning, a top-three global notebook maker, Acer Group (2353 TT, NT$85.00, NR), was quoted in Bloomberg as saying that demand in 4Q10 "won't be as good as expected" versus the company's sequential revenue growth expectation of up 5-10%."

AU Optronics was trading at $10.27, down $0.10, or 1.01 percent, as of 11:45 AM EST. LG Display was trading at $17.85, losing $0.26, or 1.44 percent. Corning was at $19.06, down $0.01, or 0.05.

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.