Corning price target raised to $120 from $110 at BofA

BofA raised the firm’s price target on Corning (GLW) to $120 from $110 and keeps a Buy rating on the shares. Corning reported a slight revenue beat in Q4 driven by better-than-expected sales in Display and Hemlock, but “surprisingly missed” expectations in its Optical segment, the analyst tells investors. However, despite the near-term softer Optical sales, the firm remains bullish on the growth opportunity in the next one to two years, driven by data center buildouts and the longer-term opportunity as copper shifts to fiber, the analyst added.