Goldman Sachs removes Corning as Conviction Buy, remains bullish

• Buy rating and $27 target stated (current price $22.54).
• Positive on lean supply chain inventories, increasing panel prices and television sizes, firm glass pricing, catalysts seen in further M&A and Gorilla Glass prospects for auto, wearables and double-side glass iPhones. Anticipates early-2017 dividend increase and buybacks to continue, albeit at a slower pace than in 2016.
• Corning's (NYSE:GLW) trading at $22.58, unchanged on the day, 4.5% lower on the month and up 20% on the year.