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北京时间·🕒 发布 03:21:47时区推断·⟳ 抓取 03:27:17·⚡ 决策 07-29 03:28:17 +1m00s·90.5 天前
康宁财报后大跌，分析师仍看好光通信长期受益于数据中心建设
这是一条财报后分析师观点汇总，核心新增信息是康宁（GLW.US）三季度收入指引中值49.5亿美元略低于50亿美元一致预期，且股价已在盘中下跌约13%。
📄 原文Seeking Alpha↗ 原文
Corning crashes on earnings, but analysts still see upside in optics
Corning (GLW) shares plunged 13% by afternoon trading on Tuesday after reporting its second quarter results, but analys…
不做 康宁（GLW.US）
财报后盘中已下跌约13%，三季度指引仅小幅低于一致预期，利空强度不足以追空；光通信长期受益也不是新的超预期做多催化。
不做 安费诺（APH.US）
同业下跌只是康宁财报引发的板块情绪传导，没有安费诺自身新增业绩或订单利空，不满足做空红线。
不做 Prysmian（PRYMY.US）
同业跟跌缺少公司级新增负面事实，且没有可量化短周期盈利冲击，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-28 · 扩散 medium · price-in 风险 high ↗
关键理由
- 这是一条财报后分析师观点汇总，核心新增信息是康宁（GLW.US）三季度收入指引中值49.5亿美元略低于50亿美元一致预期，且股价已在盘中下跌约13%。
- 光通信和AI数据中心需求仍被多家卖方认可，但该利好属于长期叙事延续，不是新的可量化订单或指引上修。
- 同业安费诺（APH.US）和Prysmian（PRYMY.US）同步下跌更像光通信链情绪降温，不构成可执行同向做多机会。
主要风险
- 康宁盘中已经大幅重定价，追空存在反弹和分析师护盘风险；追多又缺少财报超预期增量。
- 三季度指引仅小幅低于一致预期，负面强度不足以在已跌13%后建立新的做空正期望。
原文全文
展开原文 · 2,416 字
Corning (GLW) shares plunged 13% by afternoon trading on Tuesday after reporting its second quarter results, but analysts continue to see upside for the stock as its Optical Communications segment should continue to benefit from the data center buildout.
"In our view, Corning remains well positioned to benefit from growing AI cluster sizes and increasing bandwidth requirements, while also enabling alternative manufacturing approaches for fiber array units, which we believe are among the most critical components in the commercialization of optical CPO (transceiver) architectures," said Susquehanna analyst Mehdi Hosseini in a Tuesday investor note. "However, these secular growth trends are unlikely to follow a straight-line trajectory, despite what some investors and peers may have been expecting."
Susquehanna reiterated its Positive rating and $220 price target on the stock.
Meanwhile, Mizuho retained its Outperform rating and $270 price target. The firm pointed out Corning's recent change to how it calculates its constant currency adjustment.
"Effective April 1, Corning changed its 'Core' 'constant-currency adjustment,' which applied a hedged rate to all non-US revenues (even when less than 100% hedged), with 'adjustment for hedged exposures,' which applies hedge rates only to the hedged portion of non-US revenues," said Mizuho analyst John Roberts in a note. "This new method resulted in a lower reported core 2025 sales & earnings."
Citi, which maintains a Buy rating and $240 target on the stock, identified that Corning's third quarter revenue guidance was just a "smidge below" the consensus with a midpoint at $4.95B compared to the $5B estimate.
Finally, UBS retained its Buy rating and $228 price target, and the financial firm was surprised at investor expectations.
"Optical margins were similar Q/Q versus a step down modeled in consensus, which we think is positive and shows strong incremental margins even as GLW ramps capacity to meet demand," said UBS analyst Joshua Spencer in a note. "3Q sales outlook reflects ~ 16% Y/Y growth, though it is ~ 1% below consensus. We see this as supporting a stronger margin outlook as well. Overall, we see this as being in line with expectations, and given GLW stock is well off peak, we thought expectations would have been coming down already."
Optical competitor Amphenol (APH) was down 3%, and Prysmian (PRYMY) had declined by nearly 5%.
"In our view, Corning remains well positioned to benefit from growing AI cluster sizes and increasing bandwidth requirements, while also enabling alternative manufacturing approaches for fiber array units, which we believe are among the most critical components in the commercialization of optical CPO (transceiver) architectures," said Susquehanna analyst Mehdi Hosseini in a Tuesday investor note. "However, these secular growth trends are unlikely to follow a straight-line trajectory, despite what some investors and peers may have been expecting."
Susquehanna reiterated its Positive rating and $220 price target on the stock.
Meanwhile, Mizuho retained its Outperform rating and $270 price target. The firm pointed out Corning's recent change to how it calculates its constant currency adjustment.
"Effective April 1, Corning changed its 'Core' 'constant-currency adjustment,' which applied a hedged rate to all non-US revenues (even when less than 100% hedged), with 'adjustment for hedged exposures,' which applies hedge rates only to the hedged portion of non-US revenues," said Mizuho analyst John Roberts in a note. "This new method resulted in a lower reported core 2025 sales & earnings."
Citi, which maintains a Buy rating and $240 target on the stock, identified that Corning's third quarter revenue guidance was just a "smidge below" the consensus with a midpoint at $4.95B compared to the $5B estimate.
Finally, UBS retained its Buy rating and $228 price target, and the financial firm was surprised at investor expectations.
"Optical margins were similar Q/Q versus a step down modeled in consensus, which we think is positive and shows strong incremental margins even as GLW ramps capacity to meet demand," said UBS analyst Joshua Spencer in a note. "3Q sales outlook reflects ~ 16% Y/Y growth, though it is ~ 1% below consensus. We see this as supporting a stronger margin outlook as well. Overall, we see this as being in line with expectations, and given GLW stock is well off peak, we thought expectations would have been coming down already."
Optical competitor Amphenol (APH) was down 3%, and Prysmian (PRYMY) had declined by nearly 5%.
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