Corning (GLW) Stock Climbs Despite Apple Dropping Its All-Glass iPhone
TLDR
- Corning stock traded up 0.63% to $166.72 after Apple canceled its planned all-glass iPhone model
- Apple scrapped the 20th anniversary all-glass iPhone due to poor production yields; it was priced at ~$2,060 and set for September 2027
- Jefferies downgraded Apple and cut its iPhone ASP CAGR estimate from 9.0% to 6.8% for FY2026-FY2031
- Corning beat Q2 earnings with $0.78 EPS vs $0.76 consensus and revenue of $4.74 billion, up 17.1% year over year
- Analysts hold a “Moderate Buy” consensus on GLW with an average price target of $174.08
Corning (GLW) stock traded up 0.63% to $166.72 on Monday after Apple canceled its planned all-glass iPhone. That news, which triggered a downgrade on Apple from Jefferies, actually worked in Corning’s favor with investors.
Apple had planned to launch a 20th anniversary all-glass iPhone in September 2027 with an estimated retail price of around $2,060. Jefferies said supply-chain checks revealed the model was scrapped due to poor production yields.
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