Corning (NYSE: GLW ) shares have been destroyed lately as sales of LCD displays have waned, but the company recently raised its fourth quarter outlook for LCD displays and specialty glass, a welcome change of pace for shareholders.
Even after the positive news was digested, Corning still trades for less than 10 times earnings and is sitting on $5.8 billion in cash. Given its history of innovation, Fool.com analyst Austin Smith believes the company will be able to effectively deploy this capital and unlock more valuable applications for its innovative products (like Gorilla Glass).
Don't jump in with both feed just yet, though. Our top equity analyst on Corning, Brenton Flynn, has just written a brand-new premium research report on Corning, and it's a must-read for anyone looking at initiating a position today. Click here to claim your copy, and receive a full year of updates as key events unfold.