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HomeBusinessCiti Ups Corning Price Target to $45, Highlights Revenue and Profitability Growth

Citi Ups Corning Price Target to $45, Highlights Revenue and Profitability Growth

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Citi analysts raised the price target for Corning (NYSE:GLW) to $45 from $38, while maintaining their Buy rating on the stock.
Following Corning’s recent investor event, the analysts updated estimates to reflect increased confidence in the company’s revenue potential and profitability improvements for fiscal years 2025 and 2026. This optimism is based on more controlled spending supporting a higher revenue base. The analysts anticipate a favorable environment for revenue and margin recovery as optical demand rebounds with carrier spending, aided by BEAD initiatives, and AI investments drive higher optical growth in enterprises. Additionally, a recovery in smartphone demand will benefit Corning’s specialty glass segment. Management’s commitment to keeping spending in check as revenues increase is also seen as a positive factor.
In the near term, utilization levels at display panel manufacturers are performing better than expected in the second quarter. Corning is expected to implement price increases to counteract yen impacts, given the tight supply-demand environment.

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