On Oct 31, major Wall Street analysts update their ratings for $Corning (GLW.US)$, with price targets ranging from $53 to $58.
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.
Oppenheimer analyst Martin Yang maintains with a buy rating, and adjusts the target price from $51 to $58.
Furthermore, according to the comprehensive report, the opinions of $Corning (GLW.US)$'s main analysts recently are as follows:
Corning is beginning to realize the advantages of increased Optical growth and the utilization of its pricing leverage in Display, which contributed to strong Q3 outcomes and enabled guidance for results exceeding typical seasonal patterns in Q4.
Following Corning's robust third-quarter results and more optimistic fourth-quarter guidance, expectations have been raised. The company is experiencing a combination of both long-term and short-term positive influences across its principal markets, which is anticipated to position it for mid-teens core earnings expansion annually over the forthcoming three-year period.
The company's Optical segment was the primary contributor to the third-quarter performance, and it is anticipated to continue its exceptional performance, defying the usual fourth-quarter seasonal trends. The company has already begun implementing Display pricing actions, with the anticipation of double-digit price increases.
Corning's Q3 performance was robust, showcasing a revenue of $3.7B and EPS of 54c, propelled by the increased uptake of optical connectivity products suitable for GenAI. Looking towards Q4, a mixed outlook is anticipated with Optical and Hemlock segments predicted to experience a sequential rise, while other sectors may see a decline.
Corning's Q3 core sales and EPS were reported to surpass analysts' projections, coming in at $3.73B and $0.54, respectively, against the anticipated $3.72B and $0.53. The guidance for Q4 suggests a revenue increase of 15% year-over-year and a 41% rise in EPS year-over-year. This encouraging outlook is largely attributed to the performance of the Optical segment.
Here are the latest investment ratings and price targets for $Corning (GLW.US)$ from 4 analysts:
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