Morgan Stanley: Corning Earnings Forecast Raised, Target Price Lowered to $155 According to TechFlow Research, Morgan Stanley's research report dated October 28, 2026, pointed out that Corning's Q3 optical communications revenue increased by 44% year-on-year to $2.38 billion, with enterprise business growing by 84%. Morgan Stanley believes that the delivery of new capacity is in line with high market expectations, and further valuation increases require support from improved profit margins. The report maintains an "Equal-weight" rating, lowering the target price from $165 to $155, while raising the 2027 core earnings per share (EPS) forecast from $4.21 to $4.37. Solar power commissioning costs, high variable compensation, and weak consumer demand continue to limit near-term earnings elasticity. Catalysts are more likely to materialize in 2027, with increased demand for optical connectivity and easing cost pressures, and the expansion of interconnects within clusters being more likely to act as a catalyst in the second half of the year.