On August 3, Corning rose 3.07% overnight, trading at $142.5/share with turnover of $2.9 million, extending the sustained rebound following a cumulative decline of over 20% across two consecutive trading sessions.

On the news front, multiple institutions including UBS and Oppenheimer cut their price targets but maintained buy ratings, emphasizing that the prior selloff was overdone. UBS lowered its target to $196 from $228, while Oppenheimer trimmed its target to $200 from $230. Analysts stressed that AI data center optical fiber demand's long-term growth logic remains intact and that valuation has become more attractive following the sharp correction. UBS noted that Corning's strategy of locking in more long-term offtake contracts may limit near-term margin expansion but provides greater stability in earnings growth. The Q2 earnings report showed core sales of $4.74 billion, up 17% year-over-year, with optical communications sales rising 32% and enterprise-network revenue doubling on generative AI demand. As panic selling sentiment gradually fades, the market is reassessing fundamental value supported by institutional buy calls.

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