Analysts at Oppenheimer provided their outlook on Corning Incorporated (NYSE:GLW) ahead of the upcoming Q3 results, taking a cautious view based on lower panel maker utilization and weak end-market demand for consumer electronics.
The analysts lowered their Q3 and 2022 EPS estimates from $0.54 and $2.25 to $0.50 and $2.15, respectively. They also slightly reduced growth assumptions for H2/22 for Optic Comm, Specialty, and Environmental to reflect a lack of meaningful market recovery.
The analysts expect management commentary to be incrementally more constructive regarding Display as LCD pricing and panel maker utilization likely find a near-term bottom in Q4/22. The analysts also slightly lowered their 2023 EPS from $2.48 to $2.42, based on a longer-than-expected market recovery in Display, Specialty, and Environmental. The analysts reiterated their Outperform rating and $44 price target on the company’s shares.