JPMorgan sees bull-case valuation of $55-plus for Corning shares

JPMorgan analyst Samik Chatterjee says Corning leveraged its second facility tour since June to again emphasize its Springboard opportunity and highlight upside to investor expectations. While the Sulivan Park tour outlined a non-risk adjusted opportunity of $5B for 2025, the Concord tour underscored Corning’s ability to take pricing in display as well as the continued strong momentum in optical, all of which is driving management’s conviction to guide operating margins in the range of 20% by the end of 2026, the analyst tells investors in a research note. JPMorgan estimates the combination of the risk-adjusted revenue and operating margins for the Springboard plan implies an earnings per share power close to $2.65. However, the non-risk adjusted plan implies earnings per share power close to $3.00 or a bull-case share valuation of $55-plus, “underscoring a robust upside opportunity for investors,” the firm contends. It keeps an Overweight rating on Corning.