Wolfe Research Raises Price Target#
Wolfe Research has increased its price target for Corning Inc. (NYSE: GLW) from $185 to $230, while maintaining an Outperform rating. This change reflects the firm’s confidence in Corning's growth potential, particularly in the data center sector.
Revenue and Earnings Projections#
The firm has also revised its revenue forecast for 2028, now estimating it will reach $27.5 billion, up from a previous estimate of $26.0 billion. Additionally, Wolfe Research has raised its earnings per share (EPS) estimate for the same year to $5.75, an increase from $5.40. Corning's stock currently trades at $181.57, with a price-to-earnings (P/E) ratio of 86.84, indicating that investors are paying a premium for the stock relative to its earnings.
Strong Performance and Analyst Sentiment#
Despite the high valuation, Corning has shown impressive performance, delivering a 268% return over the past year, driven by a 20% growth in revenue. Analysts have responded positively, with five revising their earnings forecasts upward, which reinforces a bullish outlook on the stock. Wolfe Research anticipates that as the data center business expands, the stock will be re-rated to reflect its growth potential.
Recent Earnings and Future Plans#
In its latest earnings report for the first quarter of 2026, Corning exceeded analysts' expectations with an EPS of $0.70, surpassing the forecast of $0.69. The company generated $4.35 billion in revenue, exceeding the projected $4.29 billion, largely due to strong results in its Optical Communications segment. Corning has also announced an extension of its Springboard growth plan, aiming for $35 billion in annual sales by 2030, with a target of $20 billion by the end of 2026. Furthermore, Corning is partnering with NVIDIA to enhance U.S. manufacturing of optical connectivity solutions, planning to create over 3,000 jobs. The company has declared a quarterly dividend of $0.28 per share, which will be payable on June 29, 2026.