NEW YORK (TheStreet) -- Cantor Fitzgerald maintained its "hold" rating on Corning (GLW) with a price target of $18, claiming the company will "modestly" enhance its position in Asia with the acquisition of Samsung's fiber optics business.
This morning, the New York-based technology company announced plans to acquire Samsung Electronics' (SSNLF) fiber optics business for an undisclosed amount in a transaction expected to be completed by the end of the first quarter of 2015, according to analysts.
"We estimate this business is approximately 7% to 8% the revenue size of Corning's optical communications business, and thus relatively small, but we anticipate the transaction to be modestly accretive to Corning's EPS in 2015," analysts said.
Shares of Corning closed up 0.44% to $21.01 yesterday.
Separately, TheStreet Ratings team rates CORNING INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate CORNING INC (GLW) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and increase in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."