HSBC upgrades Corning to Buy on improving demand trends

HSBC analyst Stephen Bersey last night upgraded Corning (GLW) to Buy from Hold with a price target of $60, up from $51, post the Q4 beat. The company’s solid sales growth is being driven by robust demand and margin expansion is led stronger earnings growth, the analyst tells investors in a research note. The firm says improving demand trends and Corning’s “strong” Q1 guidance drive its positive stance on the stock. Corning’s optical business continues to see strong artificial intelligence-related demand from enterprise customers, alongside increasingly stronger signs of demand recovery in the carrier business of the segment, contends HSBC.