Corning shares edge higher after upgrade; Thomas Weisel cites improving LCD TV demand

Corning shares edge higher after upgrade

NEW YORK — Corning Inc. shares edged up Thursday after an upgrade from Thomas Weisel Partners, which cited healthy demand for the LCD televisions that use Corning glass.

Thomas Weisel’s Ajit Pai raised his rating on the stock to “Overweight” from “Market Weight” in a note to investors and lifted his price target to $24 from $21.

Shares were up 32 cents, or 1.7 percent, to $19.20 in afternoon trading.

Pai said the upgrade was prompted by company figures showing improving TV sales and a visit to Corning’s new glass plant, which left him “more positive” on the company’s competitive position in the LCD market.

Corning said Monday that LCD TV sales in January climbed 53 percent year-over-year in China, in line with the company’s expectations. The company said sales in Japan were up 79 percent in January and 65 percent in February. Sales in Europe were up 12 percent in January and flat in the U.S.

Corning said its estimates were based on a variety of independent research groups as well as internal company analysis.