Corning 3Q26 Preview: Springboard Progress Supports Beat and Raise; However, Springboard Update Likely Needed to Clear High Buy-Side Bar

J.P. Morgan previews Corning's 3Q26 results, maintaining a Neutral rating and cutting the Dec-2027 price target to $165 from $170, based on 27x (from 30x) 2028E EPS. Corning shares are up 5% since the last earnings print, outperforming the market, hardware coverage and optical peers, supported by Optical-Enterprise momentum and intra-quarter Optical-Carrier deals; management indicated 3Q26 results should track toward the high end of guidance, effectively delivering the $20bn quarterly Springboard revenue target early, implying high-teens growth expected to persist through 2026-2027 and supporting the path to the $30bn 2028 Springboard revenue target (vs. the $27bn high-confidence target). JPM forecasts 3Q26 revenue of $5.04bn (consensus $5.02bn), operating margin of 22.3% (consensus 21.7%) and EPS of $0.90 (consensus $0.88), driven by Optical-Enterprise momentum and a rebound in Optical-Carrier growth, offsetting weakness in Glass Innovations. For 4Q26 it forecasts revenue of $5.22bn,