Corning slashed at JPMorgan on tepid recovery: 4 big analyst cuts
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Corning, Qorvo, Skyworks Solutions, and Juniper Networks.
While still forecasting a 17% year-over-year earnings growth in 2024, driven by various profitability-enhancing actions, the analysts perceive that variability in the timing of revenue recovery across Corning's end markets will limit the opportunity to deliver the strong earnings growth indicated by the Wall Street consensus.) - Citi cited increased to their China operations after the Huawei Mate 60 phone launch, which it believes will likely use domestic RF/connectivity chips.
Qorvo's price target was slashed by nearly one-third, to $78 from the prior $116.00, and Skyworks Solutions' price target is now $87 at Citi, also from a prior $116. JPMorgan cited a number of challenges, including a lack of leverage to Hyperscale investments in artificial intelligence infrastructure.
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