Shares of Corning popped on Monday after Citi Investment Research analyst Jim Suva upgraded the stock to "Buy" from "Hold."
Why did Suva turn bullish?
In a nutshell it's because he expects to see "a strong uptick" in production, driven first by restocking among retailers and then customer demand. Suva also says his research shows "relatively healthy" LCD TV sales and little risk of a glut in supply.
“While the economy continues to be difficult, our checks indicate that panel maker inventory is unsustainably low," Suva says.
However shares are already up significantly from November lows, when the stock dipped briefly below $8.
Can they really go much higher?
Suva thinks they can. In fact, he’s very bullish on this stock and boosted his price target to $16 from $11.25. “Taiwan and Korea need glass. They need LCD panels. They need Corning,” he says. Guy Adami concurs.
Suva also says there are other clear winners in the space. He likes Apple for the iPhone and he recommends watching Palm for the new Treo, although he doesn’t like that Palm is tied to Sprint .
How do the Fast Money traders suggest playing tech?
Both Pete Najarian and Jeff Macke suggest long Apple.
Karen Finerman recommends longAxsys Technologies which is up for sale.
Guy Adami thinks both IBM and Hewlett Packard are buys.
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Trader disclosure: On Mar. 23rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (MSFT), (RIG), (AXYS); Finerman's Firm Is Short (WFC), (BBT); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (DNA) Call Spread; Finerman's Firm Owns (BAC) Preferred; Macke Owns (GE), (AAPL), (GS), (MS), (POT), (MOS); Macke Is Short (BRK.b); Najarian Owns (PALM) Stock & (PALM) Calls; Najarian Owns (SWY) Calls; Najarian Owns (C) Call Spread, (GS) Call Spread, (GD) Call Spread, (MS) Call Spread, (POT) Call Spread, (TGT) Call Spread, (XHB) Call Spread
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