Corning stock rises on optimistic outlook for large-scale cloud service provider spending

2026-02-23 23:34:20

Investing.com – Corning Inc. (NYSE: GLW) stock rose 3% on Monday, continuing last Friday’s 7% gain, which pushed the stock to a record high as the market remains optimistic about capital expenditures by hyperscale cloud service providers.

The fiber optic manufacturer gained momentum last week after UBS raised its target price from $125 to $160, the highest on Wall Street, citing increased data center spending by major tech companies.

UBS analyst Joshua Spector noted that the increase in capital expenditures by major hyperscale cloud service providers means more fiber deployments within data centers, which will further boost Corning’s fiber sales division.

According to Spector, as Corning signs long-term contracts with Meta and other hyperscale cloud providers, its market share could grow, reducing the risk associated with expanding fiber capacity investments.

The analyst added that 2028 is not the sales peak, as the company is seeking horizontal expansion opportunities for fiber, which will support higher growth into the mid-2030s.

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