玻璃与AI相关性提升；第二财季预览；目标价上调至243美元

Glassrelevancy to AIincreasing;F2Qpreview;PO to $243 Reiterate Rating:BUY| PO:243.00 USD| Price:196.79 USD 06 July 2026 Fiber optics first; glassbridge, glass substrates nextMuch of the recent bullishness on Corning has centered around the strong outlook around the optical segment that benefits from the AI buildout themes of scale up, scaleout and scale across. Additionally, Corning is making progress in the areas of advancedpackaging of semiconductor chips including the use of glass substrates (2029-2030) andin the area of GlassBridge (a tech that can support easy alignment of high density fibersin the era of Co-packaged optics). While these do not move the needle in the near term,they all potentially support a higher SpringBoard plan (see our Analyst day takeaways),and upside to longer term valuation. Reiterate Buy on structurally higher revs in Optical& incremental OP from new MAPs. Raising ests; PO moves to $243 on 37x C28E EPS of$6.50 (prior $223 on 37x C28E EPS of $5.95) on stronger Optical demand over the m-t. Equity Enterprise remains strong; Carrierpull-forward dynamicsThe main focus in Optical iswhether F2Q improves confidence that GLW is in the early innings of a longer optical build cycle across both enterprise and carrier. In Enterprise,we expect another q/q step-up as GLW continues to add connectivity and cablingcapacity and begins to ramp the recently signed LTAs. Specifically, we expect Enterpriserevenue of $1.1bn (+45% y/y, +16% q/q) and Carrier revenue of $932mn (+17% y/y, +5%q/q). In Carrier, the stronger 1Q pulled some seasonality forward, but Lumen, DCI, andFTTH should still support a constructive F2Q contribution. Wamsi MohanResearch AnalystBofAS+1 646 855 3854wamsi.mohan@bofa.com Ruplu BhattacharyaResearch AnalystBofAS+1 646 855 0315ruplu.bhattacharya@bofa.com Aisling GrueningerResearch AnalystBofAS+1 646 855 4273aisling.grueninger@bofa.com Solar remains the main near-term offset in the quarter We expect the quarter to reinforce that Optical demand remains firm, capacity additionsare still moving in step with customer ramps, andthe Solar headwind is being driven bythe wafer transition ($30m of incremental expense). We anticipate GLW guides F3Q to~$5.2bn in revs and EPS of $0.87-$0.91, with the q/q step-up supported by enterprisegrowth, steadier carrier revs, and lower Solar-related drag as the wafer facility movespast the transition. In Glass Innovations, we expect +MSD% q/q & y/y driven by theSpecialty business. For F2Q, we expect revs of $4.65bn and EPS of $0.76 (both at/abovethe high-end of guidance). Ryan Seungin ChoiResearch AnalystBofAS+1 646 743 0587ryan.choi2@bofa.com See Abbreviations on page 7 BofA Securities does and seeks todo business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 10 to 12. Analyst Certification on page 8. PriceObjective Basis/Risk on page 8.12990197 iQprofileSMCorning Inc. Company SectorElectrical Equipment Company Description Corning'sDisplay Technologies (25% of sales)manufactures liquid crystal display (LCD) glass for flat-paneldisplays. Telecommunications (32% of sales) producesoptical fiber and cable, component hardware andequipment, and photonic components for thetelecommunications, CATV and networking industry.Environmental Technologies (12% of sales) producesspecialized glass, glass ceramic and polymer-based productsfor the automotive industry. Investment Rationale Our Buy rating on Corning is based on glasssupply anddemand remaining in balance and glass price declinesremaining moderate (post COVID-19) while the Opticalmarket benefits from a cyclical recovery of carrier spendingand a secular benefit from Gen AI. Corning has a strongcapital return program. Increased adoption of Gorilla Glassin other end markets (automobiles), growth of Fiber-to-the-Home and gas particulate filters should be catalysts forCorning. Stock Data Average Daily Volume15,864,832 Earnings Preview Tables Figure1:GLW guided F2Q revs of $4.6bn and EPS of $0.73 to $0.77GLW F1Q26 Preview Table, BofA vs Consensus GLW F3Q26 Preview Table, BofA vs Consensus Abbreviations MSD: mid-single-digit M-t: medium-termOP: operating profitMAPs: market access platformsLTAs: long-term agreementsDCI: datacenter interconnectFTTH: fiber-to-the-home Price objective basis & risk Corning Inc. (GLW) Our price objective for Corning is $243 and is based on 37x our 2028E EPS of $6.50.This multiple compares to the historical range of 10x-24x, with the median 15x. Webelieve that our choice of multiple at/above the high end is justified given the cyclicalrecovery in Display, Environmental and Specialty segments, coupled with a recovery inthe Optical segment that will see multi-year growth from Hyperscalers and Ge