Corning price target raised to $100 from $72 at Oppenheimer

Oppenheimer raised the firm’s price target on Corning (GLW) to $100 from $72 and keeps an Outperform rating on the shares. The firm notes the company reported Q3 core sales/EPS of $4.3B/67c, vs. Street expectations of $4.2B/66c. Management reiterated its strong long-term outlook for Optical on increasing demand and customer engagement in DCI and AI data center scale-out networking. With consistently strong results, management has raised its confidence in the Springboard Plan, Oppenheimer adds. Corning now expects to reach 20% operating margin in Q4, a year ahead of schedule.