Asiya Merchant, an analyst from Citi, maintained the Buy rating on Corning. The associated price target remains the same with $93.00.
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Asiya Merchant has given his Buy rating due to a combination of factors, including Corning’s impressive quarterly performance and optimistic future guidance. The company’s September quarter results exceeded expectations, with non-GAAP sales reaching $4.27 billion, a 14% year-over-year increase, and an EPS of $0.67, marking a 24% rise from the previous year. These figures surpassed both the company’s prior guidance and market expectations, indicating strong operational execution.
Moreover, Corning’s outlook for the fourth quarter is promising, with projected sales of $4.35 billion and an EPS range of $0.68 to $0.72, reflecting a significant year-over-year growth. The company’s diverse segments, such as the Optical and Specialty divisions, demonstrated robust performance with substantial growth, despite some challenges in the Display segment. These positive trends and the expected share price return of 4.1% contribute to the Buy rating, suggesting confidence in Corning’s ability to maintain its growth trajectory.
In another report released on October 23, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $97.00 price target.
Based on the recent corporate insider activity of 112 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GLW in relation to earlier this year.