Bank of America Securities analyst Wamsi Mohan has reiterated their bullish stance on GLW stock, giving a Buy rating on April 22.
Wamsi Mohan has given his Buy rating due to a combination of factors including Corning’s (GLW) financial performance and strategic positioning. In the first quarter, Corning’s revenue surpassed both the company’s guidance and analyst estimates, demonstrating resilience and potential for growth. The management’s forecast for sales growth over the next three years, particularly in Optical and Display sectors, is a contributing factor. The expectation is that Corning will be able to grow revenue faster than its end markets due to increased content in end devices.
Additionally, despite a challenging environment, Corning’s Display segment has managed to maintain stable pricing and is expected to sustain profitability into 2025 through effective hedging strategies and industrial solutions. The Optical segment is anticipated to recover in the second half of the year, bolstered by recent wins in the enterprise optical segment and a positive outlook for carrier sales. Corning’s strategic moves in the Automotive sector also provide a basis for optimism, with expectations of increased content per vehicle driven by new regulations. These elements, alongside adjusted financial estimates, underpin the decision to reiterate a Buy rating with a raised price objective.
In another report released on April 22, Morgan Stanley also maintained a Buy rating on the stock with a $35.00 price target.
GLW’s price has also changed moderately for the past six months – from $26.660 to $33.380, which is a 25.21% increase.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Corning (GLW) Company Description:
Corning, Inc. develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies. It operates through the following business segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences. The Display Technologies segment manufactures glass substrates for high performance displays, including organic light-emitting diode and liquid crystal displays that are used primarily in televisions, notebook computers and flat panel desktop monitors. The Optical Communications segment is classified into two main product groupings: carrier and enterprise network. The carrier network group consists primarily of products and solutions for optical-based communications infrastructure for services such as video, data and voice communications. The enterprise network group consists primarily of optical-based communication networks sold to businesses, governments and individuals for their own use. The Environmental Technologies segment manufactures ceramic substrates and filter products for emissions control in mobile and stationary applications around the world. The Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs. The Life Sciences segment develops, manufactures and supplies scientific laboratory products. The company was founded by Amory Houghton Sr. in 1851 and is headquartered in Corning, NY.
