We recently published 9 Stocks Jim Cramer Talked About. Corning Incorporated is one of the stocks Jim Cramer talked about recently.
Corning Incorporated’s shares have gained 90% year-to-date as the firm has benefited from the booming demand for optical technology stemming from data center buildouts and its close relationship with Apple. Morgan Stanley recently raised the firm’s share price target to $98 from $82 and kept an Equal Weight rating. Corning Incorporated’s exposure to optical technology was at the center of the upgrade as the bank commented that infrastructure companies with optical products are part of a diversifying AI trade. In late November, UBS had raised its share price target for Corning Incorporated to $109 from $100 and kept a Buy rating. As was with Morgan Stanley, UBS also cited the firm’s optical exposure to data centers as a key reason behind the upgrade. Cramer shared a key insight for Corning Incorporated as he discussed that the firm is trying to replace copper with glass:
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“Copper is. . .there is a tremendous amount of copper used in the data center, until they move into glass. Now Corning, I have a special coming up on Corning and Apple, if you look at what Corning’s trying to do, they’re trying to replace copper. Because one of the things people have to recognize, copper burns really hot, and fiber doesn’t. So it’s a natural. But there’s so much copper within a data center, within the actual chipsets, that it’s really hard to replace.”
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This article is originally published at Insider Monkey.
