Corning upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Corning to Overweight from Neutral with a price target of $43, up from $37. The cyclical and secular drivers in Corning’s primary businesses of display and optical are lining up favorably for the company and should position it well to leverage the upcycle in revenue, with limited incremental operating expense and capital investment, driving significant earnings upside, the analyst tells investors in a research note. The firm is now forecasting annual revenue growth of 7% through 2026, with the high fixed cost structure positioning the company for strong incrementals both in relation to gross margins as well as operating margins.