The World is Flat: Corning
The holiday season is upon us.That means egg nog, mistletoes, and flat panel TVs.
We are bullish on Corning (GLW) and maintain our $30 dollar price target on the stock.
Corning is the company that brought you the lightbulb and now wants to redefine your living room experience.
The short to long term catalyst here is obviously the flat panel/LCD television boom.
If consumer spending ever comes back in vogue, you can bet the house that Wall Street will reawaken to Corning.
GLW hit $22 earlier this year, then was clobbered when the bears cried "shouldn't we be worried about inflation and high gas prices?"
Nevertheless, the truth cannot be repressed: Corning (GLW) produces the highest quality substrate glass in the business.
Demand for flat panel glass is expected to triple over the next 5 years and Corning has the competition smoked to a crisp.
Since CEO Jim Houghton was asked to come out of retirement and steer the telco back to profitability, Corning has become the world leader in next generation glass substrates for liquid crystal displays.
Corning held a conference for investors on Tuesday; can we expect an analyst upgrade this week?
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