Key Highlights
- Corning shares increased 0.63% to $166.72 following news that Apple discontinued development of its all-glass iPhone design
- The tech giant abandoned the 20th anniversary all-glass iPhone model originally scheduled for September 2027 launch at approximately $2,060 due to manufacturing challenges
- Jefferies lowered Apple’s rating and reduced iPhone average selling price CAGR projections from 9.0% to 6.8% covering FY2026-FY2031
- Second quarter results surpassed expectations with earnings per share of $0.78 against $0.76 estimates and $4.74 billion in revenue, representing 17.1% annual growth
- Wall Street maintains a “Moderate Buy” rating on GLW shares with a consensus target of $174.08
Shares of Corning (GLW) advanced 0.63% to reach $166.72 during Monday’s trading session despite Apple’s decision to abandon its all-glass iPhone initiative. The development, which prompted Jefferies to lower its outlook on Apple, surprisingly benefited Corning among market participants.
The Cupertino-based company had been developing a premium all-glass iPhone model to commemorate its 20th anniversary, targeting a September 2027 release with a projected retail price near $2,060. According to Jefferies’ supply-chain intelligence, the project was terminated because of inadequate manufacturing yield rates.
This decision also delays Apple’s comprehensive all-glass strategy, which included intentions to incorporate the design into subsequent iPhone Pro and Pro Max iterations.
Jefferies revised its projection for Apple’s iPhone average selling price compound annual growth rate downward from 9.0% to 6.8% spanning fiscal years 2026 through 2031, maintaining unchanged unit volume assumptions.
Notwithstanding its relationship with Apple, Corning stock experienced upward movement. The partnership between both corporations, announced in August 2025, involves producing all iPhone and Apple Watch cover glass domestically in Kentucky.
Strong Q2 Performance Supports GLW Momentum
Corning delivered impressive second-quarter financials on July 28th. The specialty glass manufacturer achieved earnings per share of $0.78, surpassing analyst consensus of $0.76 by two cents.
Total revenue reached $4.74 billion, exceeding Wall Street expectations of $4.63 billion. This represents a 17.1% year-over-year improvement from the comparable 2025 period, when the company reported earnings per share of $0.60.
The company achieved an 11.20% net margin and 20.09% return on equity. Management provided third-quarter 2026 guidance projecting earnings per share between $0.85 and $0.89.
Wall Street analysts are forecasting full-year fiscal 2026 earnings per share of $3.27.
Investment Activity and Price Target Analysis
Herbst Group LLC established a fresh stake in Corning throughout the second quarter, acquiring 17,516 shares worth roughly $4.47 million. The position represents 2.4% of the investment firm’s total holdings, ranking as its 13th-largest investment.
Institutional shareholders control 69.8% of outstanding Corning shares.
Additional institutional investors expanded their holdings in recent quarters. Brighton Jones LLC increased its GLW position by 46.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS boosted its stake by 9.3% in the first quarter.
Among Wall Street analysts, JPMorgan reduced its price objective from $200 to $170 while maintaining a “neutral” stance. Oppenheimer lowered its target from $230 to $200 but retained an “outperform” recommendation.
Weiss Ratings elevated GLW from “hold” to “buy” status, and Wall Street Zen upgraded the stock to “strong-buy” this past weekend.
The analyst community includes eleven Buy ratings and five Hold ratings. The average price target stands at $174.08.
The company announced a quarterly dividend distribution of $0.28 per share, scheduled for September 29th payment to shareholders registered by August 31st. This translates to an annual dividend yield of 0.7%.
Corning’s 50-day moving average currently sits at $179.73. Over the trailing twelve months, the stock has fluctuated between $63.37 and $271.78.
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