Corning downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Corning to Equal Weight from Overweight with a price target of $38, up from $35. The firm still sees upside to estimates through 2024 and remains positive on Corning’s exposure to “various mega trends” over the long-term. However, the stock’s 20% rally year-to-date credits expected demand improvement and the company’s ability to partially offset the yen impact in 2025, the analyst tells investors in a research note. It sees a more balanced risk/reward at current share levels.