TLDR
- Corning stock traded up 0.63% to $166.72 after Apple canceled its planned all-glass iPhone model
- Apple scrapped the 20th anniversary all-glass iPhone due to poor production yields; it was priced at ~$2,060 and set for September 2027
- Jefferies downgraded Apple and cut its iPhone ASP CAGR estimate from 9.0% to 6.8% for FY2026-FY2031
- Corning beat Q2 earnings with $0.78 EPS vs $0.76 consensus and revenue of $4.74 billion, up 17.1% year over year
- Analysts hold a “Moderate Buy” consensus on GLW with an average price target of $174.08
Corning (GLW) stock traded up 0.63% to $166.72 on Monday after Apple canceled its planned all-glass iPhone. That news, which triggered a downgrade on Apple from Jefferies, actually worked in Corning’s favor with investors.
Apple had planned to launch a 20th anniversary all-glass iPhone in September 2027 with an estimated retail price of around $2,060. Jefferies said supply-chain checks revealed the model was scrapped due to poor production yields.
The cancellation also puts Apple’s broader all-glass roadmap on hold, including plans to extend the design to future iPhone Pro and Pro Max models.
Jefferies cut its estimate for Apple’s iPhone average selling price compound annual growth rate from 9.0% to 6.8% for the period between fiscal year 2026 and fiscal year 2031, assuming unit sales forecasts stay the same.
Despite the connection to Apple, Corning stock moved higher. The two companies announced a partnership in August 2025 to manufacture 100% of iPhone and Apple Watch cover glass in Kentucky.
Earnings Beat Gives GLW a Solid Foundation
Corning posted strong Q2 results on July 28th. The company reported $0.78 EPS, beating the $0.76 consensus estimate by two cents.
Revenue came in at $4.74 billion, ahead of the $4.63 billion analysts expected. That marks a 17.1% increase compared to the same quarter last year, when Corning posted $0.60 EPS.
Net margin was 11.20% and return on equity was 20.09%. For Q3 2026, the company guided for EPS in the range of $0.85 to $0.89.
Analysts expect full-year EPS of $3.27 for fiscal 2026.
Institutional Interest and Analyst Targets
Herbst Group LLC picked up a new position in Corning during Q2, buying 17,516 shares valued at approximately $4.47 million. GLW now makes up 2.4% of the firm’s portfolio, its 13th-largest holding.
Institutional investors collectively own 69.8% of Corning stock.
Other firms also added to positions recently. Brighton Jones LLC raised its stake by 46.0% in Q4. MIRAE ASSET GLOBAL ETFS HOLDINGS lifted its position by 9.3% in Q1.
On the analyst side, JPMorgan cut its price target from $200 to $170, keeping a “neutral” rating. Oppenheimer trimmed its target from $230 to $200 but kept an “outperform” rating.
Weiss Ratings upgraded GLW from “hold” to “buy,” and Wall Street Zen moved it to “strong-buy” over the weekend.
Eleven analysts rate GLW a Buy, five have a Hold. The consensus price target sits at $174.08.
Corning also declared a quarterly dividend of $0.28 per share, payable September 29th to holders of record as of August 31st. That works out to an annualized yield of 0.7%.
GLW’s 50-day moving average is $179.73. The stock has traded between $63.37 and $271.78 over the past year.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
