Sterne Agee Revises Corning Estimates

In light of Corning Inc.'s (NYSE: GLW) updated guidance, Sterne Agee is revising its estimates slightly

“4Q10 estimates revised to $1.67B revenues and $0.47 EPS from $1.58B revenues and $0.47 EPS,” Sterne Agee writes. “Due to the change in anticipated 2011 tax rate, a slight disappointment, our FY11 revenues/EPS estimates are revised to $7.07B/$1.74 from $7.06B/$1.79.”

Sterne Agee's FY12E revenues/EPS revised slightly to $7.87B/$1.95 from $7.85B/$1.94 “as we had previously modeled to the anticipated 20% tax rate and are maintaining our 20% 2012 tax rate.”

Corning, which currently trades at $19.01, says that the tax rate could be lower if Congress passes the tax extenders.