Corning Stock Rises Despite Apple Cancelling All-Glass iPhone Plans
Corning Inc.'s (GLW) stock price rose 0.63% to $166.72 after Apple canceled its planned all-glass iPhone model, which was set for release in September 2027 and priced at around $2,060.
The decision, announced by Jefferies due to poor production yields, also put a hold on Apple's broader plans for an all-glass design for 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 this connection to Apple, Corning's stock moved higher due in part to a strong Q2 earnings report, which saw EPS beat consensus at $0.78 and revenue rise by 17.1% year over year to $4.74 billion.
Institutional investors collectively own 69.8% of Corning stock, with analysts holding a 'Moderate Buy' consensus on GLW with an average price target of $174.08.