GLW
The beat was real. The enthusiasm? Less so.
Corning came in with a solid Q2: adjusted earnings rose 30% year over year to 78 cents a share, and revenue jumped 17% to $4.74 billion. Both numbers topped estimates, which is usually the part where a stock gets to strut a little.
But then came the analyst equivalent of a shrug.
Wall Street reached for the scissors
After the print, several firms took a fresh look at their models and chopped price targets anyway:
- JPMorgan kept a Neutral and cut its target from $200 to $170
- Barclays stayed Equal-Weight and lowered its target from $180 to $129
- Citigroup held onto Buy but trimmed its target from $240 to $220
- Mizuho kept Outperform and cut its target from $270 to $210
That’s not exactly a parade of confidence, even if nobody outright bailed.
Why investors should care
Corning’s third-quarter outlook was decent — adjusted EPS of 85 to 89 cents and revenue of $4.9 billion to $5.0 billion — but the market is clearly asking a bigger question: how much of the AI and specialty glass story is already priced in?
The stock barely moved, up 0.2% to $126.25, which feels like the market’s way of saying, “Nice quarter. Show me the sequel.”
Big picture: Corning is still putting up good numbers, but analysts are dialing back their optimism fast. That usually means the bar for future upside just got a lot higher.