“Apple announced Corning will receive $200 million from its Advanced Manufacturing Fund to support the glass maker’s research and development, capital equipment and processing capabilities at its Harrodsburg, Ky., facility,” Wells Fargo Securities writes for Barron’s.

“We think the investment is a net positive for Corning as it not only implies the potential to see incremental future business with an important customer, but also should lead to capital-expenditure and operating-expenditure efficiencies due to the success of the company’s co-investment model, where customers like Apple help fund innovation and capacity expansion,” Wells Fargo analysts Jess Lubert and Michael Kerlan write. “Following the announcement, we slightly bump our Corning price target from $27.50 to $29.00.”

Read more in the full article here.

MacDailyNews Take: Behold the impact of Apple’s Advanced Manufacturing Fund.

SEE ALSO:
Analysts: Apple’s Corning investment hints at AR glasses and wireless charging tech – May 14, 2017
Apple awards Corning $200 million in first Advanced Manufacturing Fund investment – May 12, 2017
Apple’s billion-dollar advanced manufacturing investment is a blueprint for U.S. job growth – May 4, 2017
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With President Trump soon to take office, Apple looks to boost its ‘Made in America’ credentials – January 10, 2017
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