UPDATE: Piper Jaffray Downgrades Corning on Multiple Negative Factors

In a report published Friday, Piper Jaffray analyst Jagadish Iyer downgraded the rating on Corning (NYSE: GLW) from Overweight to Neutral, and lowered the price target from $19.00 to $14.00.

In the report, Piper Jaffray noted, “We are downgrading Corning to Neutral and reducing our PT to $14 as we see: a) No meaningful display product cycle ahead, which in turn tempers glass volume consumption. We believe OLED TV may not be ready for mass adoption till 2015 or beyond, while 2K/4K TV's (Ultra High Definition) adoption seems to be feverish. The roll out of Apple TV remains unclear making the display product cycle unexciting; b) Near term excess panel supply in front of slowing demand, particularly in China, is causing inventory to rise through the remainder of '13 and into early '14 thereby putting a downward bias on glass pricing and finally c) Stagnating display segment earnings over the next two years ($0.70-$0.80 /yr) suggests the stock could remain a value trap. Rolling out CY15 estimates. Our $14 PT is based on 9x CY15 core EPS of $1.55.”

Corning closed on Thursday at $14.46.