Bank of America Securities analyst Wamsi Mohan reiterated a Buy rating on Corning (GLW – Research Report) yesterday and set a price target of $56.00.
Wamsi Mohan’s rating is based on Corning’s strong financial performance and strategic positioning. The company reported impressive results for the first quarter, with revenues and earnings per share exceeding expectations. This growth was driven by a significant increase in sales within the Optical segment, particularly in the Enterprise and Carrier divisions, which demonstrated robust year-over-year growth.
Furthermore, Corning’s management has provided a positive outlook for the second quarter, despite potential headwinds from tariffs and production ramp costs. The company’s strategic initiatives, such as the expansion of their Solar and Optical platforms and the creation of a new Automotive segment, are expected to drive future revenue growth. Additionally, Corning’s effective management of tariff exposure and commitment to optimizing supply chains further support the Buy rating, as these factors are likely to sustain the company’s competitive advantage in the market.
Mohan covers the Technology sector, focusing on stocks such as Apple, International Business Machines, and TE Connectivity. 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 25, Citi also maintained a Buy rating on the stock with a $50.00 price target.