Corning Inc. (GLW) shares extended their decline on Tuesday, falling more than 4% to $184.33 and marking a fifth consecutive daily drop. The stock has now lost approximately 24% over the past four sessions, wiping out roughly $52.4 billion in market capitalization as a broad selloff in semiconductor and AI infrastructure stocks weighed on the glass and optical networking company.
Despite the sharp pullback, Corning shares remain up 105% year-to-date in 2026 and have surged 256% over the trailing 12 months, reflecting sustained investor enthusiasm around AI-driven demand for optical networking products.
Analysts Raise Price Targets Amid Selloff
Several Wall Street analysts have used the recent weakness as an opportunity to reaffirm bullish stances on Corning. Oppenheimer analyst Martin Yang raised his price target to $230 from $210 while maintaining an Outperform rating. Yang described the AI-infrastructure selloff as an attractive entry point into what he called Corning's compelling long-term growth story, noting that customers continue to boost capital spending on optical fiber infrastructure for generative AI applications.
Bank of America also lifted its price target to $243 from $223, reiterating a Buy rating. Analyst Wamsi Mohan stated that the upcoming second-quarter earnings report is expected to confirm that optical demand remains robust. UBS likewise maintained a Buy rating and increased its price target to $228, expressing greater confidence in the company's long-term growth trajectory.
AI Infrastructure Remains Core Growth Driver
Corning has positioned itself as a key beneficiary of expanding AI infrastructure investment, supplying optical networking, telecommunications, and semiconductor products. The company manufactures glass for displays and provides optical materials and networking solutions for data centers. Its Corning GlassWorks AI Solutions platform covers optical connections across the entire AI infrastructure stack, from data centers to chips and long-haul network links.
Major technology companies have deepened partnerships with Corning. In June, the company announced a multibillion-dollar agreement with Amazon to produce optical fiber for data centers. Earlier this year, Nvidia committed up to $3.2 billion to expand Corning's optical networking manufacturing capacity in Texas and North Carolina. In January, Corning secured a $6 billion deal to supply Meta Platforms with cabling, optical fiber, and connectivity products for data centers.
Investor Day Lifts Long-Term Outlook
Corning's recent investor day bolstered analyst confidence in the company's long-term financial targets. The company raised its 2028 sales forecast by roughly 25% to nearly $30 billion and outlined a framework to reach $40 billion in annual sales by 2030. UBS noted that the updated 2028 outlook was approximately 10% above prior expectations.
The brokerage raised its 2028 adjusted earnings per share estimate by 15% to $6.70 and introduced a 2030 EPS estimate of about $9.80. UBS cited stronger conviction in scale-out fiber demand, with Corning expecting fiber growth at 1.3 to 1.5 times the rate of GPU and ASIC expansion. The firm also highlighted Corning's expanding Photonics business, which the company expects to generate roughly $10 billion in incremental sales by 2030, supported by long-term customer agreements and Nvidia's previously announced investment.
For context on broader market trends, see our coverage of Palo Alto Networks hitting record highs on AI security demand and Strategy stock surging on analyst endorsements.
This article is for informational purposes only and does not constitute financial advice.
