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Corning Inc GLW

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Corning’s First Quarter Sets Up Clear View Into a Positive 2021; Raising FVE to $38

Analyst Note

| William Kerwin |

Corning beat the top end of its guidance ranges on both the top and bottom lines in its first quarter and guided to a strong second quarter. We’re raising our fair value estimate to $38 per share from $35, as we include stronger 2021 sales into our forecast. Corning’s outperformance in the quarter was broad-based, reflecting its ability to leverage centralized investments across a wide variety of end markets, a key tenet of our narrow economic moat rating for the firm. Despite our rosier outlook for 2021, we recommend waiting for a greater margin of safety before investing.

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Company Profile

Business Description

Corning is a leader in materials science, specializing in the production of glass, ceramics, and optical fiber. The firm supplies its products for a wide range of applications, from flat-panel displays in televisions to gasoline particulate filters in automobiles to optical fiber for broadband access, with a leading share in many of its end markets.

One Riverfront Plaza
Corning, NY, 14831
T +1 607 974-9000
Sector Technology
Industry Electronic Components
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 50,110