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Corning's Long-Term Growth Visibility Underappreciated, UBS Says

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Corning (GLW) shares' recent selloff is overdone, as the company's optical margins and long-term earnings visibility remain stronger than the market is giving credit for, UBS said in a note emailed Wednesday.

The firm said Corning's approach of locking in more long-term offtake contracts could limit near-term margin expansion but provides greater stability in earnings growth, adding that the de-rating in the stock has made valuation more attractive relative to its growth outlook.

UBS trimmed its 2027 and 2028 EPS estimates by about 3% and 9%, respectively, to take a more conservative view on the timing and scale of the company's photonics and scale-up ramp, though its estimates remain above consensus.

UBS maintained a buy rating on the stock but lowered its price target to $196 from $228.

Price: $125.26, Change: $-0.76, Percent Change: -0.60%

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