Bank of America analyst Wamsi Mohan has revised the price target for Corning (GLW, Financial), adjusting it from $68 to $56 while maintaining a Buy rating on the stock. The adjustment comes in anticipation of the company's upcoming fiscal Q1 earnings announcement, scheduled for release before the market opens on April 29.
Mohan anticipates that Corning will deliver quarterly results that align with expectations. Despite this, the firm has opted to reduce the price target in light of broader industry stock movements, although they have decided to keep their estimates unchanged for now. This recalibration involves applying a lower valuation multiple to the company's shares.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 12 analysts, the average target price for Corning Inc (GLW, Financial) is $54.83 with a high estimate of $68.00 and a low estimate of $43.92. The average target implies an upside of 34.71% from the current price of $40.70. More detailed estimate data can be found on the Corning Inc (GLW) Forecast page.
Based on the consensus recommendation from 15 brokerage firms, Corning Inc's (GLW, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Corning Inc (GLW, Financial) in one year is $38.71, suggesting a downside of 4.89% from the current price of $40.7. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Corning Inc (GLW) Summary page.
