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Corning: Applied Opto’s Pre-Announce a Nice Sign, says Susquehanna

The pre-announcement yesterday by fiber-optic component maker Applied Optoelectronics (AAOI) that its sales were greater in the June quarter than it had expected is a positive for Corning (GLW), a big supplier of glass for fibers, writes Mehdi Hosseini of Susquehanna Financial Group today, reiterating his “positive” rating on Corning shares, and his $35 price target.

Corning stock is up 15 cents, or half a percent, at $30.97, after dipping slightly in yesterday’s session.

"This positive pre-announcement is indicative of continued strength in GLW's optical communications biz unit,” writes Hosseini, "specifically, AAOI's top line revenue has a 79% correlation to GLW's carrier sub-segment...


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