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Downgrade Alert for Corning (GLW)

By Shiri Gupta

Corning (NYSE:GLW) was downgraded from Buy to Hold at Standpoint Research today. The stock closed yesterday at $20.24 on volume of 9.9 million shares, above average daily volume of 9.4 million.

There is potential upside of 2.4% for shares of Corning based on a current price of $20.24 and an average consensus analyst price target of $20.72. The stock should find initial support at its 50-day moving average (MA) of $19.85 and further support at its 200-day MA of $18.38.

Corning Incorporated is a global, technology-based company. The Company produces optical fiber, cable, and photonic components for the telecommunications industry, as well as manufactures glass panels, funnels, liquid crystal display glass and projection video lens assemblies for the information display industry.

In the past 52 weeks, Corning share prices have been bracketed by a low of $15.42 and a high of $22.05 and closed yesterday at $20.24, 31% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Corning on May 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.70. Since that recommendation, shares of Corning have risen 4.2%. We continue to monitor GLW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Corning

Ticker(s): GLW