Corning price target raised to $45 from $38 at Citi

Citi analyst Asiya Merchant raised the firm’s price target on Corning to $45 from $38 and keeps a Buy rating on the shares. Following Corning’s investor event, the firm increased estimates to reflect greater conviction in the company’s revenue opportunities and profitability improvement in fiscal 2025 and 2026, underpinned by more moderated spending to support the higher base of revenues. Citi sees a favorable setup for revenues and margin recovery ahead as optical demand recovers in carrier spending aided by BEAD initiatives and artificial intelligence spending driving higher optical growth in enterprises.