Corning Slashes at JPMorgan on Tepid Recovery: 4 Big Analyst Cuts
Corning shares fall on JPMorgan downgrade
Corning (NYSE:) shares dropped nearly 2% pre-market today after JPMorgan downgraded the specialty-glass and ceramics maker. JPMorgan lowered its rating from Overweight to Neutral and reduced the price target from $43 to $36. The analysts cited a more prolonged economic recovery than initially expected, which is anticipated to impact Corning’s earnings in the near to medium term. JPMorgan stated that the current consensus estimates embed sequential earnings growth in the fourth quarter of 2023, which may not be achievable due to the milder recovery. While JPMorgan still forecasts a 17% year-over-year earnings growth in 2024, they believe that the timing of revenue recovery across Corning’s end markets will limit the opportunity for significant earnings growth. Corning shares were trading at $29.48.
Qorvo and Skyworks Solutions cut to Sell at Citi
Both Qorvo (NASDAQ:) and Skyworks Solutions (NASDAQ:) were downgraded to Sell from Neutral by Citi. The downgrades were attributed to increased competition from Chinese domestic RF component makers, which may lead to potential share losses for Qorvo and Skyworks Solutions, major suppliers to Apple (NASDAQ:). Citi also mentioned weak sales recovery in 2024. Qorvo’s price target was slashed to $78 from $116, while Skyworks Solutions’ price target is now $87, down from $116. Qorvo shares declined 1.9% to $93.08, while Skyworks Solutions initially dropped but later made a slight recovery to $98.59.
Juniper Networks stock slips after JPMorgan downgrade
Juniper Networks (NYSE:) shares fell 1.6% after JPMorgan downgraded the company to Neutral from Overweight. JPMorgan lowered the price target to $29 from $32 and highlighted challenges related to Hyperscale investments in artificial intelligence infrastructure. Analysts also noted headwinds from Service Provider capex moderation, positioning Juniper as the most challenged among its networking peers. These challenges include exposure to service providers as well as cloud exposure in relation to WAN layers. Juniper shares were trading at $26.37.
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