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Corning Inc GLW Stock Quote

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Morningstar‘s Stock Analysis GLW

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Is it the right time to buy or sell?

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Display Demand Weighing on Corning in Short Term, but We See Valuation as Attractive

Analyst Note

| William Kerwin |

We’re reducing our fair value estimate for narrow-moat Corning to $40 per share from $42 after third-quarter results led us to lower our short-term expectations. Corning’s end markets are softening in line with the macroeconomic environment, with its display glass business and overall profitability being particularly affected. While we anticipate weaker profitability through 2023, we remain confident in Corning’s long-term growth drivers and centralized cost advantage that generates strong profits through cycles and underpins its economic moat. The shares fell 5% in early market trading on Oct. 25; we continue to view Corning as undervalued even with short-term challenges.

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Key Statistics GLW

Company Profile GLW

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
Industry Electronic Components
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 61,200

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