Truist将康宁评级上调至买入但目标价下调至175美元

Corning (GLW) was upgraded by Truist Securities on Monday, as the investment firm said the recent pullback in the stock provides an opportunity for investors.
Shares were down fractionally in premarket trading.
“Simply put, we have waited for a more reasonable entry point to get more constructive, and we now have one post a ~45% pull back in July,” Truist analyst Matthew Niknam wrote in a note to clients. “Since initiating coverage in late March, our 2028E EPS estimates have increased by ~30% (cons. +21%), while shares are flat. Customer spending priorities in the all-important Optical segment (~45% of sales) re: AI/Data Center infra and FTTH remain firm, with the new Photonics MAP presenting an incremental tailwind through the end of the decade.”
Niknam raised his rating on Corning to Buy from Hold but lowered his price target to $175 from $205.
Delving deeper, Niknam said he sees top-line growth accelerating over the next three years, due to the aforementioned strength in optical as well as solar, both of which should drive revenue to grow 18% between now and 2028. “Importantly, we believe Corning's increasing use of long-term agreements with key hyperscaler customers enhances visibility, while these customers' capex budgets (geared towards AI/DC investment) continues to rise,” Niknam added.
He also expects the company's new Photonics MAP could create additional upside over the coming years.
Operating margins and return on invested capital are expected to increase through 2030, with Niknam adding the company could raise its estimates for the metrics later this year.
Lastly, he expects earnings per share to grow 30% compounded annually between now and 2029.