We recently published 10 Stocks Outrunning the Market; 3 on a High. Corning Inc. (NYSE:GLW) was one of the best performers on Friday.
Corning soared to a new all-time high on Friday, as investors took heart from an analyst’s 28-percent price target upgrade for its stock.
At intra-day trading, Corning Inc. (NYSE:GLW) jumped to its highest price of $140.27 before paring gains to finish the session just up by 7.32 percent at $139.51 apiece.
In a market report, UBS raised its price target for Corning Inc. (NYSE:GLW) to $160 from $125 previously, while maintaining a “buy” recommendation.
This followed the company’s stellar earnings performance last year, with net income more than tripling to $1.596 billion versus only $506 million in 2024. Net sales grew by 19 percent to $15.6 billion from $13.1 billion year-on-year.
In the fourth quarter alone, net income increased by 26 percent to $540 million from $310 million, while net sales inched up by 3 percent to $4.2 billion from $3.5 billion.
Further buoying sentiment was Corning Inc.’s (NYSE:GLW) higher net sales growth outlook over the next two years, now at $11 billion in incremental annualized sales, versus $8 billion previously.
For this year alone, incremental annualized sales are targeted at $6.5 billion, up from its $6 billion outlook earlier.
The targets form part of what the company dubs as “Springboard plan”—a strategic multi-year initiative to drive growth between 2023 and 2028.
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Disclosure: None. This article is originally published at Insider Monkey.
