Corning (GLW) surged 12% on Wednesday after announcing a major partnership with NVIDIA (NVDA) and an update to its growth strategy. Under the deal, NVIDIA will supply fiber-optic components for Corning’s AI data center infrastructure and invest $500 million in the company. To meet surging AI demand, Corning plans to build three new U.S. manufacturing plants, expanding its optical‑connectivity capacity tenfold. Despite the rally, GLW stock is a Buy, according to the technical indicators, implying further upside from current levels.
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Analyzing GLW Stock’s Technical Indicators
According to TipRanks’ easy-to-understand technical analysis tool, Corning stock is currently on an upward trend. The stock’s 50-day Exponential Moving Average (EMA) is 140.06, while its price is $181.57, implying a bullish signal.
Another technical indicator, Williams %R, helps traders see if a stock is overbought or oversold. For GLW stock, Williams %R currently shows a Buy signal, suggesting the stock is not overbought and has room to run.
Moreover, the Rate of Change (ROC) is a momentum-based technical indicator. It measures the percentage change in a stock’s price between the current price and the price from a specific number of periods ago. Typically, an ROC above zero confirms an uptrend. Corning currently has an ROC of 20.15%, which signals a Buy.
Is GLW Stock a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on Corning stock based on seven Buys and four Holds assigned in the last three months. Further, the average GLW stock price target of $168.91 per share implies 6.97% downside risk.
