Stock Track | Corning Soars 8.07% in Intraday Trading as Optical Sector Rally and Analyst Upgrade Extend Rebound

Stock Track08-07 21:49

Corning (GLW) shares surged 8.07% during intraday trading on Friday, continuing a multi-day rebound as investors piled into the optical communications sector. The stock benefited from a broad-based rally among peers, with Coherent, Lumen Technologies, and Lumentum all posting significant gains.

The positive momentum was fueled by an upgrade from Truist Securities, which lifted its rating on Corning from Hold to Buy and set a $175 price target. Analysts noted that after a roughly 45% correction in July, the stock’s valuation has returned to reasonable levels. Earnings per share are projected to grow at a 30% compound annual growth rate through 2029, suggesting further upside.

Corning's strong second-quarter results also underpinned investor confidence. Core sales rose 17% to $4.74 billion, beating consensus, while enterprise-network sales jumped 65% as generative-AI-related revenue doubled. UBS maintained a Buy rating, arguing the recent selloff was overdone given the company’s optical margins and long-term earnings visibility.

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