Selected stock price target news of the day - July 10th, 2024

By: Matthew Otto

Corning Soars as Second-Quarter Guidance Exceeds Expectations

Corning marked its largest single-day increase since January 26, 2022, when it gained 11%. This rise follows the announcement of an updated second-quarter guidance, which now projects core sales of approximately $3.6 billion, surpassing the previous estimate of around $3.4 billion.

Additionally, Corning forecasts core earnings per share for the quarter to be at the high end of or slightly above the previously guided range of 42 cents to 46 cents per share. This update comes ahead of its earnings report scheduled for July 30.

CEO Wendell Weeks attributed the performance to the adoption of Corning’s new optical connectivity products for Generative AI. Weeks emphasized that this growth is consistent with Corning’s Springboard plan, which aims to add over $3 billion in annualized sales within the next three years.

Analysts Adjust Ratings and Price Targets Following Update

UBS analyst Joshua Spector maintained a Neutral rating and raised the price target from $38 to $44.
Deutsche Bank analyst Matthew Niknam maintained a Hold rating and increased the price target from $39 to $46.
Argus Research analyst Jim Kelleher reiterated a Buy rating and raised the price target from $40 to $50.
Morgan Stanley analyst Meta Marshall kept an Equal-Weight rating and raised the price target from $38 to $39.

Which Analyst has the best track record to show on GLW?

Analyst Meta Marshall (MORGAN STANLEY) currently has the highest performing score on GLW with 9/9 (100%) price target fulfillment ratio. His price targets carry an average of $-0.08 (-0.21%) potential downside. Corning stock price reaches these price targets on average within 257 days.

Apple Reaches New Heights with $3.5 Trillion Market Cap Amid Performance

Apple’s market capitalization increased to $3.507 trillion, according to Dow Jones Market Data. Since early April, Apple shares have soared over 30%, outperforming the S&P 500, which has risen approximately 5% in the same period. This surge is attributed to the unveiling of Apple Intelligence strategy in June and the potential for improved iPhone sales in China.

Piper Sandler analyst Matt Farrell raised his price target for Apple to $225 from $190, while maintaining a Neutral rating. Farrell emphasized that the excitement surrounding Apple’s AI advancements and the potential resurgence in iPhone sales in China could boost growth.

However, Farrell also cautioned that Apple’s current valuation—about 32 times the consensus estimate for earnings per share over the next 12 months—is nearing its 15-year peak of approximately 35 times. This, combined with potential risks of a slowdown in consumer spending, suggests that much of the positive news might already be reflected in the stock price.

In addition, BofA Securities analysts, Wamsi Mohan, highlighted that Apple’s App Store revenue increased by 13% year over year in the third quarter, based on SensorTower data. Mohan reaffirmed a Buy rating with a $230 price target, noting the performance of the App Store as a contributor to Apple’s overall financial health.

Analysts Multiple Price Target Increases Amid Performance

Needham Analyst Laura Martin maintained a Buy rating and raised the price target from $220 to $260.
BofA Securities Analyst Wamsi Mohan maintained a Buy rating with a $230 price target.
Piper Sandler Analyst Harsh Kumar maintained a Neutral rating and raised the price target from $190 to $225.

Which Analyst has the best track record to show on AAPL?

Analyst Laura Martin (NEEDHAM) currently has the highest performing score on AAPL with 45/45 (100%) price target fulfillment ratio. Her price targets carry an average of $3.25 (1.50%) potential upside. Apple stock price reaches these price targets on average within 154 days.

Core Scientific Announces Mandatory Conversion of Convertible Notes, Strengthens Financial Position

Core Scientific announced the mandatory conversion of its outstanding Secured Convertible Notes due 2029. This conversion follows the Indenture agreement from January 23, 2024, involving Wilmington Trust, National Association, as trustee and collateral agent.

The mandatory conversion was triggered on July 5, 2024, when the trading price of Core Scientific’s common stock exceeded the specified volume-weighted average price (VWAP) threshold for 20 consecutive trading days. The conversion will take place on July 10, 2024, entitling each registered note holder to receive shares of common stock equal to the principal amount of their notes divided by the conversion price of $5.8317, along with cash for fractional shares.

Core Scientific’s CEO, Adam Sullivan, highlighted this milestone as a reflection of the company’s progress since emerging from bankruptcy earlier this year. This conversion will result in the issuance of approximately 45 million shares of common stock, replacing $260 million of convertible debt. Additionally, Core Scientific extinguished a $3 million contingent payment obligation to general unsecured creditors on July 1, 2024, after the VWAP of its common stock met the required threshold for 20 out of 30 consecutive trading days.

Analysts Bullish: Price Targets Raised Amid Positive Coverage

HC Wainwright & Co. analyst Kevin Dede maintained a Buy rating and increased the price target from $11 to $15.
Bernstein analyst Gautam Chhugani initiated coverage with an Outperform rating and set a price target of $17.

Which Analyst has the best track record to show on CORZ?

Analyst Gregory Lewis (BTIG) currently has the highest performing score on CORZ with 3/5 (60%) price target fulfillment ratio. His price targets carry an average of $6.27 (71.82%) potential upside. Core Scientific stock price reaches these price targets on average within 253 days.