Brokerages lift Corning's PT on GenAI market opportuninty
** Susqehanna lifts specialty glass maker Corning's GLW.N PT to $55 from $46, Oppenheimer to $51 from $47, BofA to $51 from $46 and Jefferies to $42 from $37
** Corning reiterated "springbard" plan, aimed to add $3 bln in annualized sales over 2024-2026, at facility visit event on Thursday
** Forecast 40% YoY growth for Q3 sales in Optical Communications segment, citing continued strong adoption of optical-connectivity products for generative AI used inside data centers
** "We feel incrementally positive about their $3bln opportunity ... particularly their GenAI/back-end Data Center opportunity" - Jefferies
** Corning's IP innovation, combined with secular demand trends, should make its Optical revenue mix a material growth driver" - Susqehanna
** Four brokerages rate the stock "strong buy", six "buy" and six "hold"; their median PT is $46 - LSEG data
** Up to last close, stock had risen 45.7% YTD
Reporting by Aatreyee Dasgupta
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