Post Time：Aug 23,2010Classify:Company NewsView：427
A Jefferies & Co. analyst downgraded the specialty glass maker Corning Inc. on Friday, saying the company's main customers have seen an excess buildup of inventory.
THE OPINION: In a note to clients, Jefferies & Co. analyst George Notter cut his rating on Corning to "hold" from "buy" and lowered his price target to $18.25 from $24.
Notter said his checks with LCD TV makers, which make up the biggest market for Corning's glass products, show "there's too much inventory out there."
That could put the brakes on new orders for Corning and force the company to cut its revenue forecast.
Taking a look at the last time that kind of trend played out, back in the second quarter of 2006, Notter said Corning shares could "languish" over the next few months.
THE STOCK: Corning shares slipped 5 cents to $15.98 on Friday afternoon.
Source: http://www.businessweek.com/ap/financialnews/D9HNAAuthor: shangyi
