The U.S. is entering a new cycle of investment in broadband connectivity, and fiber supplier Corning is poised to reap the benefits, according to JPMorgan.
The investment firm on Monday upgraded the glassmaker-turned-tech supplier to overweight from neutral, telling clients the company's should capture the majority of the rising spending on fiber in U.S.
"We expect to be on the cusp of a multi-year investment cycle in fiber in the United States led by broader roll-out of fiber-based broadband connectivity to consumers, the anecdotal evidence of which has increased following recently disclosed plans from service providers including AT&T," JPMorgan's note said.
Here's how much JPMorgan expects to see Corning stock and revenues to rise.