Saturday, January 07, 2006

From Fiber to Liquid Crystal: GLW

Both Best Buy (BBY) and Circuit City (CC) reported smoking hot holiday numbers on Friday.

More importantly, management at both consumer electronic behemoths cited "significant strength" in flat-panel TVs -- both companies said sales of flat-panel TVs more than doubled at existing stores.

The writing is on the wall: it's time to load the boat with some house favorite Corning (GLW).

We've been giving readers the full court press on Corning since August, when shares were trading at the $17-$19 range.

We are reiterating our $30 dollar price target on shares with a twelve month outlook.

We believe Corning is a stock analysts love (13 analysts and not one sell), but investors are sleeping on.

Corning is the company that brought you Pyrex and now wants to redefine your living room experience.

The long term catalyst is the mushrooming flat panel/LCD business Corning is imbricated in.

NY-based Corning produces, hands down, the highest quality substrate LCD 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.

Thomas Friedman articulated it best: the world is flat -- and so is every television at your local Circuit City.

Corning -- by axing off debt, improving gross margins, and reinventing it's revenue driver -- has emerged from the telecom coma stronger than ever.

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