In a report released today, Wamsi Mohan from Bank of America Securities reiterated a Buy rating on Corning (GLW – Research Report), with a price target of $56.00.
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Wamsi Mohan has given his Buy rating due to a combination of factors that suggest a favorable risk/reward profile for Corning’s stock. Corning has raised its revenue guidance for the first quarter of 2025 to exceed $3.6 billion and expects earnings per share to be at the high end of the projected range, indicating strong financial performance. Additionally, the company has successfully executed its Springboard Plan and is poised for growth in the data center sector, which is expected to drive higher revenues in their Optical Communications segment.
Another reason for the Buy rating is Corning’s minimal direct exposure to tariffs, as the majority of its U.S. revenues are derived from products of U.S. origin or USMCA-compliant goods. This positions the company well against potential trade disruptions. Furthermore, even though there are potential risks associated with changes to the BEAD program, the anticipated impact on Corning’s revenues is expected to be limited. Overall, these factors, combined with a valuation that is near its five-year average forward P/E multiple, support the Buy recommendation with a price objective of $56.
Mohan covers the Technology sector, focusing on stocks such as Apple, International Business Machines, and Western Digital. According to TipRanks, Mohan has an average return of 8.3% and a 53.01% success rate on recommended stocks.
In another report released on April 17, J.P. Morgan also maintained a Buy rating on the stock with a $50.00 price target.