Epoch Partners Initiates Coverage on Corning, Inc.

Initiating Coverage on Corning Incorporated



Apr 24, 2001, 01:00 ET from Epoch Partners, Inc.

    SAN FRANCISCO, April 24 /PRNewswire Interactive News Release/ --
 Epoch Partners today announced it has issued a Research Note on
 Corning, Inc. (NYSE:   GLW).  The Note is available for free to investors
 through the Epoch Web site (www.epoch.com).  The Research Note, issued by Mark
 Langley, Senior Research Analyst for Communications Equipment Subsystems,
 discusses the current investment thesis of Corning, Inc. Highlights from the
 report include the following:
 
     -- We are initiating research coverage of Corning Incorporated, a leading
        manufacturer of optical fiber, optical components, glass for flat-panel
        displays, and other products for science and environmental
        applications.
     -- Corning aims to be the low-cost, high-volume leader in the key markets
        it targets.  Corning has the leading market share in two key products
        for optical communications networks:  optical fiber and optical
        amplifiers.
     -- We expect telecommunications revenue to grow 20% to $6.2 billion in
        2001, contributing 74% of total revenues.  In 2001, we estimate that
        telecom revenues will grow 24% to $7.7 billion, constituting 76% of
        total revenues.
     -- We estimate revenues of Corning's fiber and cable business of
        $3.8 billion in 2001, representing 62% of 2001E telecommunications
        revenue.  This assumes growth in fiber volume of 20% in 2001, which we
        think could offset some of the softness in the photonics division due
        to the uncertainty regarding carrier spending.
     -- We estimate revenues to grow 17% in 2001 to $8.3 billion and 21% in
        2002 to $10.1 billion.  We estimate EPS of $1.12 in 2001 and $1.35 in
        2002.
     -- We think Corning's stock is attractive on a P/E-to-growth basis and
        that its revenue and earnings multiples are at historically low levels.
 
     Communications Equipment Research Coverage Investors can visit Epoch's Web
 site to read research coverage on the following public companies:  Avanex
 Corporation, Avici Systems, Bookham Technology plc, Ceragon Networks, CIENA
 Corporation, Cisco Systems, Corning Incorporated, Corvis Corporation, Endwave
 Corporation, Finisar Corporation, Floware Wireless Systems, Foundry Networks,
 JDS Uniphase Corporation, Lucent Technologies, Netro Corporation, New Focus,
 Inc., Netro Corporation, Sycamore Networks, and UTStarcom, Inc.
     In addition, investors can be added to the Communications Equipment email
 alert system, which alerts investors to new research in the Communications
 Equipment sector.  To be added to this alert system visit
 http://pluto.sparklist.com/scripts/lyris.pl?join=epochcommeq.
     Full research coverage on other companies under coverage by Epoch is
 available for free to investors through the Epoch Web site (www.epoch.com).
     Epoch Partners is a technology-enabled investment bank focused on
 high-growth companies and electronically connected institutional and
 individual investors.
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information.  Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies.  The securities discussed
 in the Epoch Partners Research may be unsuitable for investors depending on
 their specific investment objectives and financial situation and needs.  No
 report included in the Epoch Partners Research is a recommendation that any
 particular investor should purchase or sell any particular security in any
 amount or at all and is not a solicitation of any offer to purchase or sell
 from or to any particular investor.  For additional information that may be
 available on the securities mentioned, please contact Epoch Partners.  This
 document has been published in the United States for Residents of the United
 States.  Member NASD/SIPC.
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X37982065
 
 

SOURCE Epoch Partners, Inc.
    SAN FRANCISCO, April 24 /PRNewswire Interactive News Release/ --
 Epoch Partners today announced it has issued a Research Note on
 Corning, Inc. (NYSE:   GLW).  The Note is available for free to investors
 through the Epoch Web site (www.epoch.com).  The Research Note, issued by Mark
 Langley, Senior Research Analyst for Communications Equipment Subsystems,
 discusses the current investment thesis of Corning, Inc. Highlights from the
 report include the following:
 
     -- We are initiating research coverage of Corning Incorporated, a leading
        manufacturer of optical fiber, optical components, glass for flat-panel
        displays, and other products for science and environmental
        applications.
     -- Corning aims to be the low-cost, high-volume leader in the key markets
        it targets.  Corning has the leading market share in two key products
        for optical communications networks:  optical fiber and optical
        amplifiers.
     -- We expect telecommunications revenue to grow 20% to $6.2 billion in
        2001, contributing 74% of total revenues.  In 2001, we estimate that
        telecom revenues will grow 24% to $7.7 billion, constituting 76% of
        total revenues.
     -- We estimate revenues of Corning's fiber and cable business of
        $3.8 billion in 2001, representing 62% of 2001E telecommunications
        revenue.  This assumes growth in fiber volume of 20% in 2001, which we
        think could offset some of the softness in the photonics division due
        to the uncertainty regarding carrier spending.
     -- We estimate revenues to grow 17% in 2001 to $8.3 billion and 21% in
        2002 to $10.1 billion.  We estimate EPS of $1.12 in 2001 and $1.35 in
        2002.
     -- We think Corning's stock is attractive on a P/E-to-growth basis and
        that its revenue and earnings multiples are at historically low levels.
 
     Communications Equipment Research Coverage Investors can visit Epoch's Web
 site to read research coverage on the following public companies:  Avanex
 Corporation, Avici Systems, Bookham Technology plc, Ceragon Networks, CIENA
 Corporation, Cisco Systems, Corning Incorporated, Corvis Corporation, Endwave
 Corporation, Finisar Corporation, Floware Wireless Systems, Foundry Networks,
 JDS Uniphase Corporation, Lucent Technologies, Netro Corporation, New Focus,
 Inc., Netro Corporation, Sycamore Networks, and UTStarcom, Inc.
     In addition, investors can be added to the Communications Equipment email
 alert system, which alerts investors to new research in the Communications
 Equipment sector.  To be added to this alert system visit
 http://pluto.sparklist.com/scripts/lyris.pl?join=epochcommeq.
     Full research coverage on other companies under coverage by Epoch is
 available for free to investors through the Epoch Web site (www.epoch.com).
     Epoch Partners is a technology-enabled investment bank focused on
 high-growth companies and electronically connected institutional and
 individual investors.
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information.  Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies.  The securities discussed
 in the Epoch Partners Research may be unsuitable for investors depending on
 their specific investment objectives and financial situation and needs.  No
 report included in the Epoch Partners Research is a recommendation that any
 particular investor should purchase or sell any particular security in any
 amount or at all and is not a solicitation of any offer to purchase or sell
 from or to any particular investor.  For additional information that may be
 available on the securities mentioned, please contact Epoch Partners.  This
 document has been published in the United States for Residents of the United
 States.  Member NASD/SIPC.
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X37982065
 
 SOURCE  Epoch Partners, Inc.