Corning Continues Rebound; Weisel Ups Estimates

It’s another nice day for Corning (GLW) , which is getting a lift today from positive comments from Thomas Weisel Partners analyst Ajit Pai . Pai writes that recent market data several on-the-ground reports “suggest continuing sequential improvement in LCD panel demand in March.” Pai writes that he expects the major Taiwanese panel makers to post 20% month-over-month shipment growth in March, implying a low-to-mid-single-digit decline in shipments for the first quarter. Pai adds that panel order visibility should improvement through May given seasonality, inventory replenishment and various stimulus plans around the globe. In particular, he notes that China’s stimulus plan bodes well for the Taiwanese panel makers; he says a number of them have received a spate of rush orders from Chinese TV manufacturers. Pai upped his 2009 EPS estimate to 63 cents from 55 cents; for 2010 he goes to 70 cents, from 63 cents. However, he maintains a Market Weight rating on the stock, ... (link)