Corning (GLW – Research Report), the Basic Materials sector company, was revisited by a Wall Street analyst yesterday. Analyst Samik Chatterjee from J.P. Morgan maintained a Buy rating on the stock and has a $62.00 price target.
Samik Chatterjee has given his Buy rating due to a combination of factors that highlight Corning’s promising growth trajectory. The company is expected to benefit from its strategic Springboard plan, which emphasizes steady revenue, earnings per share, free cash flow, and return on invested capital improvements. Despite a conservative outlook from management due to macroeconomic uncertainties, Corning’s performance in the first quarter of 2025 has already surpassed previous guidance, indicating potential for further growth.
Additionally, Corning’s focus on expanding its Optical and Solar segments is expected to drive significant revenue increases. The company’s Optical segment, in particular, is projected to grow at a compound annual growth rate of 30%, spurred by robust demand from AI data centers. Furthermore, Corning’s disciplined capital allocation strategy, including share buybacks, is anticipated to enhance shareholder value. These factors, combined with the potential for cyclical market rebounds in areas like Autos and Smartphones, underpin Chatterjee’s optimistic outlook for Corning’s stock.
Chatterjee covers the Technology sector, focusing on stocks such as Apple, Super Micro Computer, and Logitech. According to TipRanks, Chatterjee has an average return of 10.2% and a 56.59% success rate on recommended stocks.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $68.00 price target.