Mizuho Upgrades Corning (GLW) to Outperform

Mizuho analyst John Roberts upgraded Corning (NYSE: GLW) from Neutral to Outperform with a price target of $47.00 (from $44.00).

The analyst comments: "We are upgrading Corning Incorporated (GLW) to Outperform ahead of the upcoming Sept 19 review of its Optical glass fiber business and following the recent pullback in the stock, as we're aware of no overall slowdown in the company's business and growth programs. Optical glass fiber and related products are GLW's largest segment (34% of sales) and account for 50%+ of targeted sales growth through 2027. Optical has historically displaced copper wire due to distance and/or bandwidth needs, but now optical power/cooling advantages are driving growth to data centers. JunQ24 optical sales to Enterprise (~13% of sales, approximately half related to data centers) rose 42% Y/Y. "

For an analyst ratings summary and ratings history on Corning click here. For more ratings news on Corning click here.

Shares of Corning closed at $40.73 yesterday.

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