Glass cover and materials stocks Corning and Coherent stand to gain from Apple’s plan to invest billions in the U.S., according to analysts. Both were named strategic partners as Apple CEO Tim Cook joined President Donald Trump at the White House on Wednesday and pledged to invest $600 billion domestically over a four-year period and step up its U.S. manufacturing. Corning and Coherent already have “long standing” ties with the iPhone maker’s U.S. plants, said Morgan Stanley analyst Meta Marshall. She noted that Corning already produces 100% of the cover glass for Apple’s phones and tablets, she noted. “There are additional devices or form factors (e.g. bendable) that could be produced, expanding opportunity over time,” she said, of the impact on Corning’s business. Elsewhere, Bank of America analyst Wamsi Mohan reiterated his buy rating on Corning stock in a Wednesday note, and raised his price target to $75 per share. BofA’s forecast calls for about 17% upside from Wednesday’s $63.98 close. “This commitment strengthens GLW and Apple’s partnership which can lead to incremental upside for Corning, specifically as Apple potentially launches a foldable iPhone in 2026,” Mohan said. “The commitment will increase Corning’s manufacturing and engineering workforce in Kentucky by 50% and the two companies will also open a joint Innovation Center at the Kentucky facility.” “Apple’s investment creates the opportunity for Corning to participate in the foldable cover glass market in the 2026 iPhone, which in our opinion was not contemplated in the original Springboard plan,” the analyst added. Corning shares were up nearly 2% Thursday, hitting a 52-week high intraday. Shares have gained about 37% year to date. Coherent’s stock jumped almost 4%, and also hit a fresh 52-week high. Its shares have gained more than 17% year to date. Marshall said she’s “more cautious” on the near-term implications for Corning, and said even if Coherent gained full share of Apple’s business, it would be a “relatively small impact to the company.”
