“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
Apple: We are one of the biggest job creators in the U.S., responsible for two million jobs in all 50 states – May 4, 2017
Apple to invest $1 billion to promote manufacturing jobs in the U.S. – May 4, 2017
Apple’s top manufacturing partner to meet with U.S. President Trump today – April 27, 2017
With President Trump soon to take office, Apple looks to boost its ‘Made in America’ credentials – January 10, 2017
Make America Insanely Great Again: Apple seeks to expand Made in USA manufacturing – January 9, 2017
Apple invests $1 billion in SoftBank’s massive tech fund; may help company get in President Trump’s good graces – January 4, 2017
Softbank to invest $50 billion in the U.S., create 50,000 new tech jobs after meeting with President-elect Trump – and Apple supplier Foxconn is in on the deal – December 6, 2016
President-elect Trump tells Apple CEO Tim Cook that he’d like to see Apple make products in the U.S. – November 23, 2016
President-elect Trump says Apple CEO Tim Cook called him after election victory – November 22, 2016
I had Corning in my portfolio for a number of years and it never seemed to go anywhere, so I sold it a few years back. I had always thought fiber optics was going to be a huge thing for Corning and never really thought much about Gorilla Glass.
I’m satisfied I dumped the stock. I had bought it around $14 a share and it just kept going up and down but it was heading back down in 2015 so I sold it and used the money for more Realty Income shares which I’d held since 2007. Oh, well. Now I’ve missed a good chance of making huge gains. No matter. Realty Income has rewarded me with share gains and with plenty of dividends since then. No regrets. There’s no way I could have envisioned Apple putting a large investment into Corning and now the stock is just flying.
Same here. I had it back around 2005-2006. Cashed it out in less than 12 months.