On Oct 30, major Wall Street analysts update their ratings for $Corning (GLW.US)$, with price targets ranging from $53 to $60.
J.P. Morgan analyst Samik Chatterjee maintains with a buy rating, and sets the target price at $60.
BofA Securities analyst Wamsi Mohan maintains with a buy rating, and adjusts the target price from $51 to $56.
Citi analyst Asiya Merchant maintains with a buy rating.
Barclays analyst Tim Long maintains with a hold rating, and maintains the target price at $53.
Deutsche Bank analyst Matthew Niknam maintains with a buy rating, and adjusts the target price from $49 to $54.
Furthermore, according to the comprehensive report, the opinions of $Corning (GLW.US)$'s main analysts recently are as follows:
Corning is beginning to reap the rewards of increased Optical growth and the utilization of its pricing power in Display, which contributed to strong Q3 outcomes and the projection of better than typical results for Q4.
Following Corning's robust third-quarter outcomes and a promising fourth-quarter forecast, expectations have been elevated. The company is reaping advantages from a variety of long-term and short-term favorable conditions within its principal sectors, which positions it for an anticipated mid-teens yearly core earnings expansion over the upcoming three years.
The company's Optical segment was the primary contributor to the third-quarter performance, and it is anticipated to continue its exceptional performance, thus diverging from the typical fourth-quarter seasonality. Additionally, the company's Display segment has begun to reflect pricing actions within the financial model, with anticipated double-digit price increases.
Analysts observed that Corning delivered robust third-quarter results, with revenues amounting to $3.7 billion and earnings per share at 54 cents, primarily driven by the sustained uptake of optical connectivity products suitable for GenAI. Looking ahead to the fourth quarter, there is an anticipation of an upward trajectory in the Optical and Hemlock segments, while a downward trend is expected in the remaining sectors.
Corning's third quarter core sales and EPS were reported to surpass expectations, with figures coming in at $3.73B and $0.54 respectively, compared to the anticipated $3.72B and $0.53. The fourth quarter guidance suggests an anticipated revenue growth of 15% and a 41% increase in EPS on a year-over-year basis. These favorable outcomes, including the guidance, are largely attributed to the performance of the Optical segment.
Here are the latest investment ratings and price targets for $Corning (GLW.US)$ from 6 analysts:
Note:
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