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Investing.com - Mizuho (NYSE:MFG) has raised its price target on Corning (NYSE:GLW) to $74.00 from $63.00 while maintaining an Outperform rating following recent Apple (NASDAQ:AAPL) news. The stock, which has delivered an impressive 73% return over the past year, is currently trading near its 52-week high of $64.41.
The price target increase reflects what Mizuho describes as a "positive announcement" regarding Corning’s relationship with Apple, though the firm made no changes to its earnings estimates for the glass manufacturer. According to InvestingPro data, analysts maintain a bullish consensus on the stock, with targets ranging from $47 to $80.
Mizuho noted that global mobile device protective coverglass represents approximately 8% of Corning’s sales, with only a fraction of that coming from Apple’s handheld devices.
The research firm pointed out that the agreement with Apple does not mention larger surface area devices like iPads or specify a timeframe for investment, creating some uncertainty about the full scope of the arrangement.
Mizuho also indicated it remains unclear whether Corning has gained any new business or if production will simply be rebalanced across other customers, applications, or regions, with the higher price target also reflecting "higher peer and market multiples."
In other recent news, Corning has reported impressive financial results for the second quarter of 2025, surpassing market expectations. The company achieved core sales of $4.05 billion and earnings per share (EPS) of $0.60, both exceeding Wall Street’s predictions of $3.86 billion in revenue and $0.57 EPS. Analysts have responded positively to these results, with Oppenheimer raising its price target for Corning from $55 to $72, while maintaining an Outperform rating. Similarly, Mizuho increased its price target to $63 from $59, also maintaining an Outperform rating. These developments reflect the company’s strong earnings performance, as Corning’s hedged sales and EPS surpassed Mizuho’s estimates and the Bloomberg consensus. The positive financial results have led to increased confidence among analysts regarding Corning’s future performance. These recent developments highlight the company’s ability to exceed expectations and maintain a strong market presence.
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