Apple Partnership
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We’re raising our Corning price target after a shortsighted post-earnings decline
Corning’s (GLW) shares dipped 2.5% after a strong year, seen as profit-taking by analysts. CNBC reiterated its buy rating and raised the price target to $95, citing compelling growth prospects. Q3 core revenue rose 14% to $4.27B, and EPS increased 24% to $0.67, both exceeding estimates. Growth is fueled by data center demand (driven by AI), an expanded Apple partnership, and the Springboard initiative. Corning is strategically positioned in the solar energy market and anticipates strong Q4 sales. The company is also adapting to AI-driven demands.
