Corning jumps 4% as Jefferies starts at Buy, $134 target

Jefferies' initiation stands out against a backdrop of cautious or divided analyst sentiment on Corning. Before this update, Bernstein had lowered its price target on Corning to $120 from $140 while keeping a Market Perform rating, and the stock fell approximately 3% during that session because of broader market weakness following hotter-than-expected US inflation data. Other firms also trimmed their targets after Corning's third-quarter results, which makes Jefferies' Buy rating and $134 target a distinct positive signal.

The firm's optimistic view is anchored in Corning's fiber optics business and its multi-year contracts with major customers. Jefferies expects demand from hyperscalers and telecommunications carriers to support growth, with the Optical business beginning to scale up in 2028 as fiber technology becomes more integrated into data-center equipment rather than mainly connecting machines. The firm also sees growth in the Enterprise and Carrier segments helping Corning move toward its 2030 targets, though it expects a more gradual expansion in Photonics.