Economic Observation Network Corning (GLW) has been covered by Jeffray for the first time, and the institution has re evaluated its business positioning and is optimistic about the development opportunities related to optical interconnection.

Institutional Perspective
On November 11th, Jeffray made its first coverage, giving a buy rating and a target price of $134. The stock price surged 7.43% on the same day It re evaluates Corning's framework from a "glass manufacturer" to an "AI optical interconnect infrastructure target", with two core arguments: first, the global fiber optic supply gap by 2026 is about 30% of demand, and the shortage will continue, which is conducive to Corning locking in multi-year orders and filling new production capacity with higher value products; The second is the increase in photon business volume from 2028, with an incremental opportunity of approximately $10 billion by 2030, equivalent to approximately 25% of the estimated revenue in 2030. On the valuation level, the FY2 EV/EBITDA it calculated has decreased from about 32 times in the summer to about 14 times, so it is judged that this is a "buying window" 。

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