Corning's Price Target Boosted to $50 by Argus Following Raised Guidance

Corning (NYSE:GLW) shares rose more than 3% on Tuesday after Argus analysts increased their price target on the company to $50 from $40 while maintaining a Buy rating.

The adjustment followed Corning's announcement that it was raising its guidance for the second quarter of 2024. Corning now anticipates core revenue of $3.6 billion, up from the original guidance of $3.4 billion. Additionally, management expects EPS to be at the high end or slightly above the guidance range of $0.42-$0.46 per share. Corning's "Springboard" program aims to grow annualized revenue by $3 billion over the next three years, driven by both secular trends and cyclical factors. CEO Wendell Weeks stated that Corning has the necessary capacity and capabilities for this expansion.

The company is optimistic about growth prospects across all its end markets and expects significant incremental profit and cash flow as it captures this growth.