On July 30, Corning rose 3.04% in pre-market trading, trading at $127.81/share, with turnover of $14.08 million, extending a technical rebound after a cumulative decline exceeding 20% over the prior two trading sessions.

On the news front, UBS, Oppenheimer, and other major institutions cut their price targets but unanimously maintained buy ratings, emphasizing that the recent selloff was overdone and that the long-term growth thesis around AI data center fiber demand remains intact. UBS lowered its target to $196 from $228, while Oppenheimer trimmed to $200 from $230, both arguing that the valuation has become more attractive following the correction. Barclays took a more cautious stance, cutting its target to $129 from $180 with an equalweight rating.

Corning had previously reported strong Q2 results with core sales of $4.74 billion rising 17% year-over-year and optical communications surging 32%, but its Q3 guidance midpoint of $4.95 billion came in slightly below the consensus estimate of $5 billion. Against the backdrop of nearly 100% year-to-date gains and a valuation of approximately 44x PE, the marginal miss triggered large-scale profit-taking.

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