According to Jefferies, Corning (GLW) received its first coverage on November 11 with a 'Buy' rating and $134 price target, citing the company as a core beneficiary of AI-driven optical fiber supply shortages. The stock surged 7.4% to close at $120.46. Jefferies noted that Corning's long-term contracts with hyperscalers and telecom carriers provide growth support, while global fiber supply constraints enhance demand visibility. The firm expects Corning's optical communications business to scale significantly from 2028 onward as fiber penetrates data center equipment. In Q3, Corning's optical communications segment revenue grew 44% year-over-year to $2.38 billion, with AI-related product sales more than doubling.

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