JPMorgan cuts Corning stock price target on valuation concerns

JPMorgan recently adjusted its price target for Corning stock, reducing it to $165 from $170. Analyst Joseph Cardoso maintains a Neutral rating on the stock. Corning has shown a 5% increase in share price, outperforming the broader market's 3% gain. The Hardware & Networking sector has remained flat, while optical peers have declined by 1%.

Corning aims to meet its high-end revenue guidance of $20 billion in Q3 2026, achieving high-teens growth through 2026 and 2027. Despite Corning's shares outperforming in recent weeks, buy-side expectations remain higher than sell-side consensus. To meet buy-side expectations, Corning would need a significant catalyst, such as raising its internal Springboard revenue targets to $1 billion by 2030, contingent on deals with AT&T, Verizon, and Zayo.

Corning is scheduled to report earnings on October 27, with options data forecasting a potential 7.2% stock movement. Truist Securities recently upgraded Corning to a Buy rating, citing improved valuation and setting a new target price of $175, while Mizuho lowered its target to $180 from $210, expressing concerns over capital needs following an equity distribution agreement with Goldman Sachs.

Apple's cancellation of an all-glass iPhone model due to production issues also impacted Corning's shares, which rose despite the news.