ℹ️ How are these calculated?
🎯 Investment Thesis
Corning is at ALL-TIME HIGH for a reason — dominant optical fiber position for AI data centers with a massive $6B+ multiyear Meta deal ramping. All 5 analysts raised PTs post-Q4: Susquehanna $125, Citi and Mizuho $120, JP Morgan $115. But Morgan Stanley only $103 (Equal-Weight) — 23% below current price. The bull case is real but fully priced in at $133.
⚠️ Key Risk
At ALL-TIME HIGH — literally 0% discount. 35x forward PE is expensive for a 125-year-old industrial. Morgan Stanley $103 PT implies 23% downside. Display and smartphone glass businesses are cyclical. The Meta deal and fiber demand are priced in. Any AI capex slowdown hits the narrative hard.
By The Numbers
Event Impact
Dominant optical fiber supplier for AI data centers. Multiyear Meta deal for fiber + cable. Revenue $16.4B.
No defense or energy exposure.
Optical components may serve quantum networking.
Display glass business has China exposure. Gorilla Glass supply chain.
International revenue from display/glass benefits from weaker dollar. $7.5B debt is significant but covered by operations. At 36x PE, moderate rate sensitivity.
Fiber optic cables used in grid communications and monitoring. Minor indirect exposure.
No significant fiscal exposure.
Price Targets
Upcoming Catalysts
Competitive Landscape
Company Background
Founded 1851 in Corning, NY. Invented low-loss optical fiber in 1970, enabling the internet. Now supplying the physical backbone of AI with next-gen fiber for data centers.