Corning (GLW) is positioned for multi-year growth prospects after its recent $6 billion deal with Meta (META), Oppenheimer said in a note Thursday.

Corning updated its Springboard plan to project a narrower gap between near-term high-confidence plan and internal plan, and to include new plans through 2028, the report said.

"The new plan implies double-digit revenue CAGR through 2028," the note said. CAGR is compound annual growth rate.

"We view the framing as conservative, as it excludes revenue contribution from scale-up optical opportunities," it added.

The note said the deal and its Q4 earnings update build a stronger bull case for the stock, pointing among others to long-term revenue framework and multi-year agreements with Meta and other hyper-scalers for data center buildout.

"While management has not changed its overall operating margin target of 20%, Optical segment net margin is expected to improve in coming years," the report said.

Oppenheimer raised its price target to $120 from $100 while reiterating its outperform rating.

Price: 101.07, Change: -3.21, Percent Change: -3.08