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New York-based Corning Incorporated (GLW) is a major player in materials science, specializing in glass, ceramics, and related advanced technologies. With a market cap of $41.9 billion, Corning delivers innovative solutions across various industries, including telecommunications, life sciences, consumer electronics, and automotive.
Shares of Corning Incorporated have significantly outperformed the broader market over the last year. The stock has gained 74.6% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 35.5%. In 2024 alone, GLW is up 58.7%, compared to the SPX's 25.5% rise on a YTD basis.
Narrowing the focus, GLW’s outperformance is apparent compared to the Technology Select Sector SPDR Fund (XLK). The exchange-traded fund has gained about 31.6% over the past year.
On Oct. 29, the company reported its Q3 earnings results, and GLW stock gained 4.7%. Its adjusted EPS of $0.54 beat the consensus estimates of $0.52, while adjusted revenue of $3.73 billion surpassed the Wall Street expectations of $3.70 billion.
Also, Corning's Optical Communications segment saw strong performance, with a 36% year-over-year sales increase, driven by a 55% growth in its Enterprise business due to high demand for new optical connectivity products for generative AI.
For the current fiscal year, ending in December, analysts expect Corning Incorporated’s EPS to grow 14.7% to $1.95 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in three of the last four quarters while missing the forecast on one other occasion.
Among the 12 analysts covering GLW stock, the consensus rating is a “Moderate Buy.” That’s based on eight “Strong Buy” ratings and four “Holds.”
This configuration is more bullish than three months ago, with seven suggesting a “Strong Buy.”
On Oct. 30, Oppenheimer analyst Martin Yang maintained a “Buy” rating on Corning, with a price target of $58, which indicates a 20% upside from the current levels.
The mean price target of $53.77 represents an 11.3% upside from GLW’s current price levels. The Street-high price target of $60 suggests an upside potential of 24.2%.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
