Corning (GLW) Stock Gains Ground as Apple Shelves Premium Glass iPhone Design

Key Highlights

• GLW shares advanced 0.63% to reach $166.72 following news that Apple abandoned its all-glass iPhone project
• The tech giant discontinued its 20th anniversary all-glass iPhone model, expected to retail around $2,060 in September 2027, citing manufacturing challenges
• Jefferies lowered Apple’s rating and reduced iPhone ASP CAGR projections from 9.0% to 6.8% spanning FY2026 through FY2031
• Corning delivered Q2 results above expectations with earnings per share of $0.78 versus the $0.76 estimate and $4.74 billion in revenue, reflecting 17.1% growth year over year
• Wall Street maintains a “Moderate Buy” stance on GLW shares with a mean price target of $174.08

Shares of Corning (GLW) climbed 0.63% to finish at $166.72 on Monday following Apple’s announcement to cancel its ambitious all-glass iPhone project. Interestingly, this development—which prompted Jefferies to downgrade Apple—appeared to benefit Corning’s stock performance.

Corning Inc, GLW

The Cupertino-based tech company had intended to unveil a special 20th anniversary all-glass iPhone model in September 2027, with an anticipated price point near $2,060. According to Jefferies’ supply-chain research, the project was terminated due to unacceptably low manufacturing yields.

This cancellation has effectively paused Apple’s entire all-glass strategy, which included extending the innovative design to upcoming iPhone Pro and Pro Max variants.

The investment firm reduced its projection for Apple’s iPhone average selling price compound annual growth rate to 6.8% from the previous 9.0% estimate for the fiscal 2026 through fiscal 2031 timeframe, while maintaining its unit sales forecasts.

Interestingly, Corning shares rallied despite its close ties to Apple. The companies revealed a collaborative agreement in August 2025 to produce all iPhone and Apple Watch cover glass domestically at a Kentucky facility.

Strong Q2 Performance Supports GLW Momentum

Corning delivered impressive second-quarter financials on July 28th. The specialty glass manufacturer reported earnings of $0.78 per share, surpassing Wall Street’s consensus forecast of $0.76 by two cents.

Total revenue reached $4.74 billion, exceeding analyst projections of $4.63 billion. This represents a substantial 17.1% uptick from the year-ago quarter, when the company delivered $0.60 in earnings per share.

The company achieved a net margin of 11.20% alongside a return on equity of 20.09%. Management provided Q3 2026 guidance calling for earnings per share between $0.85 and $0.89.

The analyst community anticipates full-year earnings of $3.27 per share for fiscal 2026.

Investment Firms Show Confidence, Analyst Outlook Mixed

Herbst Group LLC established a fresh stake in Corning throughout Q2, acquiring 17,516 shares worth roughly $4.47 million. The position represents 2.4% of the investment firm’s holdings, ranking as its 13th-largest investment.

Institutional stakeholders control 69.8% of outstanding Corning shares.

Additional investment firms expanded their holdings in recent months. Brighton Jones LLC increased its position by 46.0% during Q4. MIRAE ASSET GLOBAL ETFS HOLDINGS boosted its stake by 9.3% in Q1.

Regarding analyst coverage, JPMorgan reduced its price objective from $200 down to $170 while maintaining a “neutral” rating. Oppenheimer lowered its target to $200 from $230 but sustained an “outperform” designation.

Weiss Ratings elevated GLW from “hold” to “buy” status, and Wall Street Zen upgraded the stock to “strong-buy” this past weekend.

Currently, eleven analysts assign GLW a Buy rating, while five recommend a Hold. The average price target among analysts stands at $174.08.

The company announced a quarterly cash dividend of $0.28 per share, scheduled for distribution on September 29th to shareholders on record as of August 31st. This translates to an annualized dividend yield of 0.7%.

GLW’s 50-day simple moving average currently sits at $179.73. Over the trailing twelve months, shares have fluctuated within a range of $63.37 to $271.78.

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