Shares of Corning Inc (NYSE:GLW) are up 2.2% to trade at $68.53 this morning, after UBS Securities upgraded the stock to "buy" from "neutral." The firm also raised its price target to $84 from $65. The upgrade comes amid growing optimism around Corning's AI-driven fiber optics business and its potential in the U.S. solar market.
GLW just hit an Aug. 28 25-year high of $69.29, notching its fourth-straight monthly gain on Friday. Backed by UBS's confidence and support from its 20-day moving average, shares could be on their way to breaking above the $70 level for the first time since 2000.
It's not just UBS -- coverage of GLW is largely glowing, with 10 of the 13 firms in coverage rating the stock a "strong buy." Meanwhile, the 12-month consensus price target sits at $70.03.
Calls typically outweigh puts on an absolute basis, per GLW's 10-day and 50-day call/put volume ratios at the International Securities (ISE), Cboe Options (CBOE) and NASDAQ OMX PHLX (PHLX), which come in at 3.63 and 3.57, respectively.
Now looks like a good time to weigh in with options, too. The stock's Schaeffer's Volatility Index (SVI) of 23% ranks in the low 4th percentile of its annual range, meaning options traders are pricing in low volatility expectations.
