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Corning Inc GLW

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Morningstar’s Analysis

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Short-Term Cost Pressures Make Corning Shares More Attractive After Solid Q3; Maintaining $40 FVE

Analyst Note

| William Kerwin |

We’re maintaining our $40 fair value estimate for narrow-moat Corning after the company reported third-quarter results that were in line with management guidance. Corning’s strong pace of revenue growth continues, but its profitability is still dampened by rising input and logistics costs. We maintain our expectations for robust top-line growth to continue behind secular tailwinds toward 5G and connectivity, as well as growing dollar content in end applications. With shares down more than 5% after the release, we believe the market is skeptical about Corning’s ability to grow the bottom line in pace with revenue. We think current inflationary pressure on margins will be short term and that Corning’s profitability will improve as it leverages its centralized cost advantage and uses its sticky customer relationships to pass on pricing increases. We view shares as undervalued and think the current price presents an increasingly attractive opportunity to invest in a diversified, excellent operator with long-term growth potential.

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Company Profile

Business Description

Corning is a leader in materials science, specializing in the production of glass, ceramics, and optical fiber. The firm supplies its products for a wide range of applications, from flat-panel displays in televisions to gasoline particulate filters in automobiles to optical fiber for broadband access, with a leading share in many of its end markets.

One Riverfront Plaza
Corning, NY, 14831
T +1 607 974-9000
Sector Technology
Industry Electronic Components
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 50,110