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Corning Inc GLW

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

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Economic Moat

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Capital Allocation

PREMIUM

Corning’s Impressive 2021 Continues Behind Long-Term Secular Growth Drivers; Raising FVE to $40

Analyst Note

| William Kerwin |

Narrow-moat Corning reported second-quarter results at the top ends of its guidance ranges, and we’re bumping up our fair value estimate to $40 per share from $38, as we expect the firm to continue benefiting from robust demand and tight supply for the rest of 2021. Long term, we think Corning’s engineering and manufacturing prowess and centralized cost advantage will allow the firm to maintain leadership positions in its diverse end markets and sustain profitable growth. Shares dropped modestly after the release, but we think this is the result of a broader market sell-off rather than a company-specific reaction. At our new valuation, we view shares as fairly valued and think a further sell-off could make Corning an attractive buying opportunity for investors looking to play into trends of connectivity and efficiency.

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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.

Contact
One Riverfront Plaza
Corning, NY, 14831
T +1 607 974-9000
Sector Technology
Industry Electronic Components
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 50,110

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