Corning Inc. (NYSE:GLW) reported fourth-quarter results that were better than expected and announced first-quarter guidance implying an acceleration in revenue growth, according to JPMorgan.
The Corning Analyst: Analyst Samik Chatterjee maintained an Overweight rating and price target of $115.
The Corning Thesis: The company reported revenue of $4.412 billion, beating consensus of $4.365 billion, backed by “robust Optical Communications demand from AI products, solid Specialty Materials performance, and resilient Display,” Chatterjee said in the note.
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Although Corning’s gross margins came in below expectations due to headwinds in ramping Solar, the company reported earnings of 72 cents per share, …