Corning shares rose about 9% on Wednesday after Jefferies began covering the company with a buy rating. As of about 2:10 p.m. Eastern time, the stock was at about $122, up from Tuesday’s close of $112.13.
Jefferies analyst Dushyant Ailani set a price target of $134, about 19.5% above Tuesday’s close, CNBC reported. Ailani wrote that Corning has gone through a significant re-rating from a diversified glass maker and is now an AI optical infrastructure play, a reference to the fiber-optic products it sells for data centers.
The jump comes after a long slide. Corning closed at a record $255.69 on June 29 and had fallen 56% to Tuesday’s close. Optical networking stocks broadly rose on Wednesday, with Lumentum and Coherent each up more than 10%, after AI cloud company CoreWeave raised its full-year outlook.
Corning did not issue news of its own on Wednesday.
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