2Q26 Review: Falls Short of Demanding Buy-Side Bar; However, LT Optical Story Intact Despite Mixed Print

研报英文原文证据摘录

2Q26 Review: Falls Short of Demanding Buy-Side Bar; However, LT Optical Story Intact Despite Mixed Print

J P M O R G A N North America Equity Research

29 July 2026

Corning Neutral

GLW, GLW US

2Q26 Review: Falls Short of Demanding Buy-Side Bar; Price (28 Jul 26):$126.01

However, LT Optical Story Intact Despite Mixed Print ▼Price Target (Dec-27):$170.00 Prior (Dec-27):$200.00

Corning's 2Q26 print delivered a beat relative to sell-side expectations but fell

short of the more demanding buy-side bar, an outcome we had flagged heading into IT Hardware/ Telecom & Networking

Equipmentthe quarter, as a genuinely robust Optical-Enterprise result (AI sales nearly

doubled and order rates accelerated) was overshadowed by Optical-Carrier Joseph Cardoso AC

performance that came in well below expectations (traditional customer (1-212) 622-9036

joseph.cardoso@jpmchase.com

lumpiness), while the balance of the portfolio tracked more in line. Beyond Optical,

the print also carried a cautious near-term tone on Gorilla Glass and the smartphone Marc Vitenzon

(1-212) 622-3342

market into 2H due to memory headwinds, which was layered on top of a weaker marc.vitenzon@jpmchase.com

forward yen assumption of ¥150 for 2027 and beyond vs. ¥120 prior (intends to

Manmohanpreet Singh

neutralize net income impact through its established toolkit of hedging, pricing, (1-212) 622-4527

and cost reduction) and rounded out by a higher capex run-rate (~$2 bn in 2026 and manmohanpreet.singh@jpmchase.com

~$2.5 bn in 2027) to support the optical build-out (though notably underpinned by Akanksh Chauhan

customer funding and long-term agreements). Importantly, while these factors (1-212) 622-0045

likely disappointed near-term expectations, we do not see any of them altering the akanksh.chauhan@jpmorgan.com