Analyst Asiya Merchant of Citi maintained a Buy rating on Corning (GLW – Research Report), retaining the price target of $58.00.
Asiya Merchant has given his Buy rating due to a combination of factors that highlight Corning’s promising growth trajectory. The company has raised its revenue expectations for its Springboard Plan, projecting an increase to a $4 billion annualized run rate by the end of 2026, up from the previous $3 billion. This optimistic outlook is driven by strong demand in the Optical Communications segment and the expansion of its Solar platform, which is expected to start contributing significantly in the latter half of 2025.
Furthermore, Corning’s management has increased its guidance for the first quarter, anticipating sales to exceed $3.6 billion and earnings per share to reach the higher end of the $0.50 to $0.52 range. The announcement of an initial $100 million buyback plan in the first quarter, with potential for further buybacks, also supports the positive outlook. These factors, combined with the company’s target to achieve a 20% operating margin by the end of 2026, underpin the Buy rating as there is room for additional upside and enhanced shareholder returns.
According to TipRanks, Merchant is a 5-star analyst with an average return of 17.4% and a 52.43% success rate. Merchant covers the Technology sector, focusing on stocks such as Seagate Tech, Dell Technologies, and Western Digital.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $62.00 price target.