Analysts at Jefferies & Co reiterate their "buy" rating on Corning.
The target price for GLW is set to $23.
Jefferies & Co mentions, “Yesterday, Corning confirmed our views with a press release indicating that they expect Gorilla Glass sales could reach approximately $1 billion annually by 2011."
“To support that kind of run rate going forward, the company announced capacity expansion plans for Gorilla Glass at its Taichung (Taiwan) facility. It is also ramping idle capacity at its Japanese facility in Shizuoka, Japan. We still believe that Gorilla Glass results could certainly be above $1 billion next year. Corning management -- sticking to their conservative nature -- is probably leaving some room for upside here,” the analysts add.
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