Truist cuts Corning stock price target on valuation to $175

Truist Securities has reduced its price target for Corning stock (NYSE:GLW) to $175 from $182, while keeping its Buy rating. The brokerage raised earnings estimates for the company, with a 1% increase for 2026 and 3% each for 2027 and 2028, thanks to growth in Corning's Optical segment. Truist highlighted an acceleration in Optical's progress, backed by new long-term deals with major tech companies.

The shares are trading at 28 times the firm's projected 2027 earnings per share and 21 times for 2028. The PEG ratio of 0.44 indicates the stock may be fairly valued given its growth prospects, though the stock appears overvalued according to InvestingPro's Fair Value analysis. Analysts predict Corning's earnings per share to grow at a 32% annual rate over the next three years.

Corning has a solid financial health score and has maintained dividend payments for 20 years. Corning also reported strong third-quarter 2026 earnings, exceeding forecasts with $0.91 per share on $5.08 billion in revenue, driven by growth in the optical communications segment and improved profit margins. The stock's recent decline, however, reflects investor apprehension over Corning's significant investment strategies and inconsistent performance across various business sectors.