Corning could be due for a bounce as the potential for earnings upside enters the realm of possibility, according to Morgan Stanley. Analyst Meta Marshall upgraded the glass materials maker to overweight from equal weight and raised her price target by $3 to $38. Marshall's new target implies a 19.9% upside over Thursday's close.
And Corning's valuation also creates an attractive entry point, as Marshall said she expects the rally to the price target once estimates get revised up in the fourth quarter. For the rest of 2023, Meta said the most optionality comes from improvements in the fiber business's order trends. She said the exact timing is uncertain, but a reset consensus creates a better environment with tailwinds from government-funded programs and the shift to the cloud, among others.
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