TLDR
- Bank of America raised its Corning price target to $155 from $144, maintaining a Buy rating
- GLW jumped over 5% on March 23, closing around $131–$133 after gaining from $124.58
- Corning licensed its PRIZM TMT optical ferrule technology to US Conec for AI data center use
- At OFC 2026, Corning showcased multicore fiber and co-packaged optics for hyperscaler deployments
- Most recent quarterly results showed sales up 20% to $4.22 billion and EPS up 72% to $0.62
Corning (GLW) had a strong session on March 23, 2026, with the stock climbing more than 5% on the NYSE. The move was driven by a price target increase from Bank of America and a set of new product announcements tied to AI data center infrastructure.
Bank of America analyst Wamsi Mohan raised the price target on GLW to $155 from $144, keeping a Buy rating in place. The hike reflects growing confidence in Corning’s position in optical connectivity as data center spending continues to rise.
The upgrade did not come in isolation. Citigroup had previously raised its target to $170, and BofA itself had already bumped its target from $120 to $144 just weeks prior. Wall Street’s average target now sits around $129.54, with the high end reaching $171.
The stock opened the session near $124.58 and climbed as high as $135.26 intraday. It closed in the $131–$133 range. Trading volume topped 13 million on the NYSE, well above typical levels.
At the OFC 2026 conference, Corning unveiled a new suite of products aimed at high-density AI networks. These included advanced multicore fiber, co-packaged optics, and expanded-beam ferrules designed for tight data center environments.
PRIZM Tech Licensed to US Conec
Corning also announced it had licensed its PRIZM TMT optical ferrule technology to US Conec. The technology allows more fiber connections in compact spaces, which matters when data centers are trying to push more bandwidth through limited physical footprints.
This builds on Corning’s existing $6 billion partnership with Meta for optical cabling. Hyperscalers like Meta are key demand drivers as they scale up infrastructure to support generative AI workloads.
Corning’s most recent quarterly results back up the momentum. Sales rose 20% to $4.22 billion. EPS climbed 72% to $0.62. The company guided for $0.66–$0.70 EPS next quarter and flagged 15% core sales growth ahead.
Optical communications now dominate the company’s growth story. Revenue in that segment is expected to grow at 15–20% annually, fueled by AI capex across the industry.
What the Numbers Say
GLW is up 45.4% year to date. At $131.85, the stock is still around 17.8% below its 52-week high of $160.43, hit in February 2026. An investor who put $1,000 into GLW five years ago would be sitting on roughly $3,307 today.
Annual revenue stands at $15.63 billion. Net profit is $1.60 billion. Gross margins run near 36%, with pretax profitability at 11.3%.
Corning has plans to spend $1.7 billion in capex for 2026, targeting expanded capacity for solar and AI-related manufacturing.
Not everything is clean. CEO Wendell Weeks sold 137,514 shares in February 2026. The stock carries a P/E of around 70. And NVIDIA’s copper interconnect roadmap could add pricing pressure to the optical market.
Three days before the rally, GLW had dropped 3.9% as geopolitical tensions involving the US, Israel, and Iran pushed energy prices higher and weighed on industrial names broadly.
The stock’s latest close at $131.85 reflects a market that is weighing strong fundamental momentum against a valuation that leaves little room for error.
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