Watching Corning; Traders Circulate J.P. Morgan Note Saying "Downgrade To Neutral As Tepid Recovery To Underwhelm Relative To Elevated Consensus Expectations Into Q4 And 2024"; Price Target Lowered From $43 To $36; Shares Move Lower
Portfolio Pulse from Benzinga Newsdesk
J.P. Morgan has downgraded Corning (GLW) to 'Neutral' from 'Overweight', citing a tepid recovery that is expected to underwhelm relative to elevated consensus expectations into Q4 and 2024. The bank also lowered its price target for the company from $43 to $36. Following the news, Corning's shares moved lower.
October 09, 2023 | 8:16 pm
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Corning's stock has been downgraded by J.P. Morgan due to expectations of a tepid recovery. The bank also lowered its price target for the company, leading to a decrease in Corning's share price.
The downgrade by J.P. Morgan, a major financial institution, indicates a less optimistic outlook for Corning's performance. This, coupled with the lowering of the price target, has likely contributed to the decrease in Corning's share price. The impact is direct and significant, hence the high relevance and importance scores.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100