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.
The cancellation also puts Apple’s broader all-glass roadmap on hold, including plans to extend the design to future iPhone Pro and Pro Max models.
Jefferies cut its estimate for Apple’s iPhone average selling price compound annual growth rate from 9.0% to 6.8% for the period between fiscal year 2026 and fiscal year 2031, assuming unit sales forecasts stay the same.
Despite the connection to Apple, Corning stock moved higher. The two companies announced a partnership in August 2025 to manufacture 100% of iPhone and Apple Watch cover glass in Kentucky.
Corning posted strong Q2 results on July 28th. The company reported $0.78 EPS, beating the $0.76 consensus estimate by two cents.
Revenue came in at $4.74 billion, ahead of the $4.63 billion analysts expected. That marks a 17.1% increase compared to the same quarter last year, when Corning posted $0.60 EPS.
Net margin was 11.20% and return on equity was 20.09%. For Q3 2026, the company guided for EPS in the range of $0.85 to $0.89.
Analysts expect full-year EPS of $3.27 for fiscal 2026.
Herbst Group LLC picked up a new position in Corning during Q2, buying 17,516 shares valued at approximately $4.47 million. GLW now makes up 2.4% of the firm’s portfolio, its 13th-largest holding.
Institutional investors collectively own 69.8% of Corning stock.
Other firms also added to positions recently. Brighton Jones LLC raised its stake by 46.0% in Q4. MIRAE ASSET GLOBAL ETFS HOLDINGS lifted its position by 9.3% in Q1.
On the analyst side, JPMorgan cut its price target from $200 to $170, keeping a “neutral” rating. Oppenheimer trimmed its target from $230 to $200 but kept an “outperform” rating.
Weiss Ratings upgraded GLW from “hold” to “buy,” and Wall Street Zen moved it to “strong-buy” over the weekend.
Eleven analysts rate GLW a Buy, five have a Hold. The consensus price target sits at $174.08.
Corning also declared a quarterly dividend of $0.28 per share, payable September 29th to holders of record as of August 31st. That works out to an annualized yield of 0.7%.
GLW’s 50-day moving average is $179.73. The stock has traded between $63.37 and $271.78 over the past year.
The post Corning (GLW) Stock Climbs Despite Apple Dropping Its All-Glass iPhone appeared first on CoinCentral.
