Corning (GLW) shares surged 7.68% during intraday trading on Friday, extending a sharp rebound after a cumulative decline of over 20% across two consecutive sessions last week.

The recovery was fueled by multiple institutions, including UBS and Oppenheimer, who maintained buy ratings on the stock while cutting their price targets. Both firms emphasized that the prior selloff was excessive and that the long-term growth thesis driven by AI data center fiber optic demand remains intact. UBS lowered its target to $196 from $228, noting that Corning's strategy of locking in more long-term offtake contracts may limit near-term margin expansion but provides greater stability in earnings growth. Oppenheimer trimmed its target to $200 from $230, highlighting that Q2 enterprise-network sales jumped 65% with generative-AI-related revenue doubling, and the optical segment posted a record net margin of 21%.

The original selloff was triggered by Q3 core sales guidance of $4.9-5.0 billion, with the midpoint slightly below the $5.0 billion consensus, which sparked aggressive profit-taking given the stock had nearly doubled year-to-date at approximately 44x P/E. As panic selling subsides and the market reassesses fundamental value, institutional support is driving the continued recovery.