Corning Inc. (GLW) is a New York-based technology company that manufactures specialty glass, ceramics, and other materials for the automotive, telecommunications, and industrial markets.
Back in July, the company reported strong earnings – fueled by mobile-device and 5G-material demand.
GLW said its second-quarter earnings per share were $0.53 compared to the anticipated $0.51. The company’s revenue came in at $3.5 billion, beating Wall Street’s estimated $3.4 billion.
At the time, GLW’s Chief Financial Officer Tony Tripeny said that the company’s sales increased by more than $1 billion from the year prior. He also said its revenue was $500 million higher than it was in the same period in 2019.
These results, combined with ongoing demand for speciality glasses, pushed Deutsche Bank to give GLW shares a “buy” rating, with a price target of $45.
This would suggest the company could see 22% upside as we move closer to GLW’s third-quarter earnings date, which is expected to be on October 26.
The Truth Behind the Global Chip Shortage
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