Citi analyst Asiya Merchant opened a “90-day positive catalyst watch” on shares of Corning (GLW) while keeping a Buy rating on the name with a $58 price target into the investor day on March 18. In addition to updates on various end markets, the firm expects management to highlight the optical segment business, which is benefitting from secular and cyclical demand trends with carrier demand for fiber normalizing to build trends. Citi believes Corning’s risk/reward screens favorable given its improving demand and free cash flow generation potential.
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