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