UPDATE: Corning (GLW) PT Raised to $37 at Morgan Stanley After Samsung Partnership Extension

(Updated - April 6, 2021 8:22 AM EDT)

Morgan Stanley analyst Meta Marshall raised the price target on Corning (NYSE: GLW) to $37.00 (from $34.00) while maintaining a Equalweight rating after announcing an extension of the long-term relationship with Samsung Display through 2028. The company also resumed share repurchases, signaling confidence in cash generation and operations of business. The company will repurchase 35mm shares from Samsung Display, leaving ownership stake at ~9%.

The analyst stated "We remain EW on GLW primarily around valuation as expectations for EPS growth from investors run slightly ahead of potential, in our view, given largely recovered end market demand. As we continue throughout 2021, we expect recovery in markets to progress in optical and we were encouraged by upbeat commentary around demand specifically at our TMT conference. However, we do think entering the 2H, comps are increasingly difficult."

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