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Morningstar's Corning Inc Stock Analysis

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Corning’s Q1 Demonstrates Continued Product Demand but Margin Pressures Remain; Maintain $42 FVE

Analyst Note

| William Kerwin |

Narrow-moat Corning beat the high end of its top-line guidance range in its first quarter and guided to a strong second quarter. Conversely, Corning continues to face increased input and logistics costs that weigh on profitability even as revenue continues to grow. As such, we’re maintaining our fair value estimate of $42 per share. Corning’s Optical segment continued to be its strongest growth outlet. This aligns with our long-term view that there will be robust demand for optical fiber as data center construction accelerates. To alleviate some margin pressure stemming from inflationary and higher input costs, Corning was able to negotiate increased prices in long-term contracts with its customers and we anticipate this trend to continue throughout 2022. Shares are up around 4% after the release based on positive annual sales guidance, and we continue to view Corning as undervalued.

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Corning Inc's Company Profile

Business Description

Corning Inc 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 Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 61,200

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