Q2 Plays Out Largely as Previewed; Lack of Margin Upside Disappoints Investors

研报英文原文证据摘录

Q2 Plays Out Largely as Previewed; Lack of Margin Upside Disappoints Investors

Update

July 29, 2026 03:42 AM GMT

Morgan Stanley & Co. LLCMCorning Inc | North America Meta A Marshall

Equity Analyst

Q2 Plays Out Largely as Meta.Marshall@morganstanley.comAntonio Jaramillo +1 212 761-0430

Research Associate

Antonio.Jaramillo@morganstanley.com +1 212 761-4438

Previewed; Lack of Margin

Corning Inc (GLW.N, GLW UN)

Telecom & Networking Equipment | United States ofUpside Disappoints Investors America

Stock Rating Equal-weight

What’s Changed Industry View In-Line

Corning Inc (GLW.N) From To Price target $165.00

Shr price, close (Jul 28, 2026) $126.01

Price Target $180.00 $165.00

Mkt cap, curr (mm) $110,259

52-Week Range $271.38-54.92

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

AlphaSignals Earnings Reaction

ModelWare EPS ($) 2.54 3.28 4.21 5.50

Unchanged In-line Modest revision higher EPS ($)** 2.54 3.28 4.21 5.50

Impact to our thesis Financial results versus consensus Direction of next 12-month Prior EPS ($)** - 3.09 4.15 5.53

consensus EPS P/E 34.5 38.4 29.9 22.9

Source: Company data, Morgan Stanley Research EPS ($)§ 2.52 3.20 4.26 5.76

Div yld (%) 1.3 0.9 1.0 1.0

GLW's results largely played out like last quarter, where sold out Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

conditions limit upside and given the amount of product under **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

LTA, there isn't material upside to pricing/EPS. We continue to e = Morgan Stanley Research estimates

Quarterly EPS ($)

see longer duration to the GLW trade given same lack of margin 2026e 2026e 2027e 2027e

Quarter 2025 Prior Current Prior Current

upside today speaks to share opportunity LT. Q1 0.54 - 0.70a 0.96 0.93