GLW - Latest questions/thoughts ahead of 2Q26 results

研报英文原文证据摘录

GLW - Latest questions/thoughts ahead of 2Q26 results

Truist Securities

Equity Research Report June 21, 2026

TMT: Data Centers, Communications Corning Incorporated (GLW)

Infrastructure & Technology

Matthew Niknam

212-326-6151

Matthew.Niknam@truist.com In this note, we detail key questions and latest expectations ahead of GLW's 2Q26 result.

Bottom line, we believe Corning sits in a highly favorable strategic position via its Optical

Mo Chen (integral for AI builds) and Solar segments, which make up 50%+ of sales and drive our

212-590-0901 expectation for ~17% sales CAGR between 2026E-2030E (vs. a ~15% CAGR between

Mo.Chen@truist.com 4Q23-4Q26E). This is the key driver of incremental operating leverage and our forecast

for 27% EPS CAGR during the 2026E-2030E timeframe. While we raise estimates and our

price target (now $205), our Hold rating reflects lack of upside to consensus estimates, and

Stock Rating HOLD a tempered view on valuation (46x 2027E P/E, 36x 2028E).

Unchanged

Price Target Key questions and expectations heading into 2Q26 results: $205.00

↑ * Less near-term focus, more about the bridge (or "spring") to 2030E. From a high

from level, we have noticed a shift in investor focus away from the very short-term (ie:

$149.00 2Q/3Q26 results) towards multi-year expectations and the ramp towards GLW's targeted

$40bn (~$35bn high-confidence) in annualized sales by the end of 2030E. Unsurprisingly,

we believe this stems from both GLW's Springboard targets (refreshed through 2030E at the

May Analyst Day), alongside current valuation (with shares at record valuations, as seen TR to Target 5.7%

below).

Price (Jun. 19, 2026) $194.92

52-Wk Range $208.28-$50.42 * For 2Q26, we anticipate sales of $4.6bn (+14% yoy, in-line with guidance/consensus) and