Corning has ‘underappreciated upside opportunity’ in solar, says JPMorgan

H JPMorgan says that while investor focus on Corning (GLW) remains on its optical data center opportunity, the company is “at the brink of a transformative journey into the U.S. solar market.” Corning aims to disrupt the current status quo where foreign imports have long dominated the supply chain, the analyst tells investors in a research note. JPMorgan believes Corning’s investments signal a commitment to capture more value in the supply chain, particularly in the market specific to domestic production of solar wafers. The firm sees a pathway for the company to carve out “substantial share” in the solar wafer market by 2028, generating $1B-plus in revenue. When combined with manufacturing credit-enhanced margins, this supports a “solid, underappreciated earnings contribution in the coming years” for Corning, the analyst contends. JPMorgan keeps an Overweight rating on the shares with a $52 price target