Corning price target raised to $58 from $51 at Oppenheimer

Oppenheimer raised the firm’s price target on Corning (GLW) to $58 from $51 and keeps an Outperform rating on the shares. The firm notes Corning reported Q3 core sales/EPS of $3.73B/$0.54, vs. Street’s expectations of $3.72B/$0.53. Q4 guidance was also ahead of Street expectations, implying revenue growth of 15% year-over-year and EPS growth of 41% year-over-year. The positive surprises in results and guidance are driven by the Optical segment, Oppenheimer adds.