Movement Alert｜Corning Rises 4% in Pre-Market Trading, Optical Communications Sector Strength and Truist Upgrade Fuel Continued Rebound

Market Focus08-07 16:05

On August 7, Corning rose 4% in pre-market trading, trading at $163.32/share, with turnover of $2.6186 million, extending its multi-day rebound trajectory.

On the news front, the U.S. optical communications sector continued to strengthen, creating broad sector linkage. Among peers, Coherent rose over 5%, Lumen Technologies gained 5%, and Lumentum added 2%. Additionally, Truist Securities recently upgraded Corning from Hold to Buy, setting a price target of $175, implying further upside from current levels. The analyst noted that following an approximately 45% sharp pullback in July, Corning's valuation has returned to reasonable levels, with earnings per share projected to grow at a 30% compound annual growth rate through 2029.

Corning's Q2 core sales rose 17% to $4.74 billion, beating consensus, while its enterprise-network sales jumped 65% as generative-AI-related revenue doubled. UBS maintained a buy rating, noting the recent selloff was overdone given the company's optical margins and long-term earnings visibility.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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