Quick Summary
- GLW shares advanced 0.63% to reach $166.72 following news that Apple discontinued development of its all-glass iPhone variant
- The tech giant abandoned the 20th anniversary all-glass device, anticipated to retail around $2,060 in September 2027, citing insufficient production yields
- Jefferies reduced Apple’s rating and lowered iPhone average selling price CAGR projections from 9.0% to 6.8% spanning FY2026-FY2031
- GLW exceeded Q2 expectations with earnings per share of $0.78 against $0.76 forecasts, while revenue reached $4.74 billion, representing 17.1% annual growth
- Wall Street maintains a “Moderate Buy” stance on Corning with analysts setting an average target of $174.08
Shares of Corning (GLW) climbed 0.63% to close at $166.72 this Monday, despite news emerging that Apple has terminated its ambitious all-glass iPhone initiative. Interestingly, this development—which prompted Jefferies to lower its rating on Apple—appeared to benefit Corning in the eyes of market participants.
The Cupertino-based tech giant had been developing a special 20th anniversary all-glass iPhone model scheduled for release in September 2027, with an anticipated price point near $2,060. According to Jefferies’ supply-chain intelligence, the project was terminated due to inadequate manufacturing yields.
This abandonment also halts Apple’s comprehensive all-glass strategy, which included ambitions to incorporate the design into upcoming iPhone Pro and Pro Max variants.
Following this news, Jefferies revised downward its projection for Apple’s iPhone average selling price compound annual growth rate to 6.8% from the previous 9.0% forecast for fiscal years 2026 through 2031, maintaining unchanged unit volume assumptions.
Interestingly, despite Corning’s relationship with Apple, GLW shares trended upward. The companies unveiled a collaborative agreement in August 2025 to produce all iPhone and Apple Watch protective glass domestically in Kentucky.
Strong Quarterly Performance Bolsters GLW Position
On July 28th, Corning delivered impressive second-quarter financial results. The specialty materials manufacturer reported earnings per share of $0.78, surpassing Wall Street’s consensus forecast of $0.76 by two cents.
Quarterly revenue totaled $4.74 billion, exceeding analyst projections of $4.63 billion. This represents a robust 17.1% expansion versus the comparable quarter in the prior year, when the company generated $0.60 in earnings per share.
The company achieved a net profit margin of 11.20% alongside a return on equity of 20.09%. Looking ahead to Q3 2026, management provided guidance calling for EPS between $0.85 and $0.89.
The analyst community anticipates full-year earnings per share of $3.27 for fiscal year 2026.
Institutional Activity and Price Targets
Herbst Group LLC established a fresh stake in Corning throughout the second quarter, acquiring 17,516 shares worth roughly $4.47 million. This position represents 2.4% of the investment firm’s total portfolio and ranks as its 13th-largest holding.
Institutional shareholders collectively control 69.8% of outstanding Corning shares.
Additional institutional investors have expanded their positions in recent months. Brighton Jones LLC increased its holdings by 46.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS expanded its stake by 9.3% in the first quarter.
Regarding analyst coverage, JPMorgan reduced its price objective from $200 to $170 while maintaining a “neutral” recommendation. Oppenheimer lowered its target to $200 from $230 but retained an “outperform” designation.
Weiss Ratings elevated GLW from “hold” to “buy” status, while Wall Street Zen upgraded the stock to “strong-buy” this past weekend.
Currently, eleven analysts assign GLW a Buy rating, while five recommend Hold. The consensus price objective stands at $174.08.
Additionally, Corning announced a quarterly dividend distribution of $0.28 per share, scheduled for payment on September 29th to shareholders registered as of August 31st. This equates to an annual dividend yield of 0.7%.
The stock’s 50-day moving average currently sits at $179.73. Over the trailing twelve months, GLW has fluctuated within a range of $63.37 to $271.78.
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