Corning's Generative AI-Related Sales More Than Double, but Morgan Stanley Cuts Target

Morgan Stanley lowered its Corning price target to $155 from $165 while raising its core earnings forecasts for 2026 and 2027. In its Oct. 28 analysis, the bank identified stronger margins and profit conversion as tests for taking a more positive view. Corning's optical communications business brought in $2.38 billion in third-quarter revenue, up 44% from a year earlier. Enterprise sales increased 84%, and generative AI-related sales more than doubled. Carrier revenue grew 4%. Customer advances added $639 million to operating cash flow year to date, while free cash flow exceeded $2 billion.

Source: TokenPost