Corning Inc

GLW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$71.00	Dxbmzbz	Zjfmycypf

Corning’s First Quarter Sets Up Clear View Into a Positive 2021; Raising FVE to $38

William Kerwin

Apr 27, 2021

Corning beat the top end of its guidance ranges on both the top and bottom lines in its first quarter and guided to a strong second quarter. We’re raising our fair value estimate to $38 per share from $35, as we include stronger 2021 sales into our forecast. Corning’s outperformance in the quarter was broad-based, reflecting its ability to leverage centralized investments across a wide variety of end markets, a key tenet of our narrow economic moat rating for the firm. Despite our rosier outlook for 2021, we recommend waiting for a greater margin of safety before investing.

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