Analyst Meta Marshall from Morgan Stanley maintained a Hold rating on Corning and keeping the price target at $50.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Meta Marshall has given her Hold rating due to a combination of factors influencing Corning’s current market position. While there is optimism in the consumer segment, which constitutes a significant portion of Corning’s earnings, the valuation appears to be fair, and expectations have risen. This suggests that while there may be positive estimate revisions, the stock’s current price may already reflect these potential upsides.
Additionally, the telco optical fiber business shows promise, with positive developments such as Lumen’s progress on deployment schedules. However, the potential for significant valuation growth is limited, given the current trading multiples and guidance that may not substantially exceed market expectations. Furthermore, while the display market is expected to weaken in the second half, the impact may be less severe than initially anticipated, providing some potential for upside. These factors collectively justify the Hold rating, as the stock may not offer substantial near-term gains beyond its current valuation.
In another report released on July 9, UBS also maintained a Hold rating on the stock with a $57.00 price target.