Mizuho on Monday reiterated an Outperform rating for Corning (NYSE:GLW) and left its price target at $97.00 in the wake of Corning's disclosure of a fiber-optic arrangement with Meta. The stock, trading around $110 at the time of the update, has posted a 95.35% total return over the past 12 months according to InvestingPro data.
Corning described the agreement as a multiyear contract that could be worth as much as $6 billion, with work potentially distributed across the next five years. The company noted the deal in its filings, identifying the arrangement as a significant commercial opportunity for Corning's glass and ceramics technologies.
Mizuho's note on the announcement observed that the Meta contract does not appear to be structured as a bare fiber expansion, although the initial disclosure provided only limited technical detail on the exact nature of the fiber-optic supply and connectivity work. Given Corning's earnings release and guidance update scheduled for the following day, Mizuho indicated it does not expect the firm to disclose additional specifics about the Meta agreement ahead of the earnings call.
The potential Meta business complements Corning's existing telecommunications infrastructure customer base at a time when demand for advanced fiber-optic solutions has increased across the technology sector. Corning reported robust revenue performance recently, and the Meta deal could further support the company's optical segment growth.
In related company developments, Corning released third-quarter 2025 results that slightly topped consensus estimates. GAAP earnings per share were $0.67, compared with Wall Street's forecast of $0.66, while revenue came in at $4.27 billion versus an anticipated $4.24 billion. The company highlighted the multiyear agreement with Meta Platforms, valuing the deal at up to $6 billion to supply optical fiber and connectivity solutions for Meta's U.S. data centers.
As part of the arrangement, Corning will expand manufacturing capabilities in North Carolina, with Meta serving as the anchor customer for that capacity. The expansion was presented as part of Corning's broader effort to scale production to meet increasing demand from data center operators and other telecommunications infrastructure customers.
UBS has separately adjusted its outlook on Corning, raising its price target to $109 from $100 and maintaining a Buy rating. UBS cited strong growth in Corning's optical segment driven by data center expansion, and the firm projects a 9% increase in Optical segment sales in 2026 and a 16% rise in 2027. Together, the recent results, the Meta agreement and UBS's revised estimates underscore Corning's strategic position in the fiber-optic market amid continuing demand for data center infrastructure.