Corning (GLW) PT Raised to $45 at Citi

Citi analyst Asiya Merchant raised the price target on Corning (NYSE: GLW) to $45.00 (from $38.00) while maintaining a Buy rating.

The analyst comments "Following Corning’s investor event, we increase our estimates to reflect greater conviction in their revenue opportunities and profitability improvement in FY25/26, underpinned by more moderated spending to support the higher base of revenues. We see favorable setup for revenues and margin recovery ahead as optical demand recovers in carrier spending aided by BEAD initiatives, AI spending driving higher optical growth in enterprises, smartphones recover (specialty glass), and management’s focus to keep spending in-check as revenues ramp. Near term, utilization levels at display panel makers are tracking better than expected in 2Q. Corning should be able to implement price increases to offset yen impacts given a tight supply demand environment. On revised estimates, our TP increases to $45 and assumes 19x PE on F24M EPS and 10x EV/EBITDA NTM."

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