On July 30, Corning fell 3.18% in after-hours trading to $120.26/share, with turnover of $21.86 million, erasing a 3.09% intraday rebound. The decline came as multiple investment banks cut their price targets, overwhelming bullish calls from UBS and Oppenheimer that the prior selloff was overdone.

The wave of downgrades included UBS trimming its target from $228 to $196, Oppenheimer from $230 to $200, Barclays from $180 to $129, Morgan Stanley from $180 to $165, Mizuho from $270 to $210, and Citi from $240 to $220. While most maintained positive ratings citing intact AI data-center fiber demand, the sheer volume of cuts pressured sentiment. Corning had previously plunged over 20% across two sessions after its Q3 guidance midpoint of $49.5 billion came in slightly below the $50 billion consensus, triggering massive profit-taking given the stock's near-100% year-to-date gain and approximately 44x PE valuation.

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