JPMorgan upgrades Corning, predicts 20% rally as it benefits from big broadband buildout ahead

When heated to a high temperature and then cooled, new chemical composition can change the way glass behaves. For Gorilla Glass, Corning narrows down the number of compositions to a few dozen, does more melting, then picks two or three candidates to test. It can take one to three years of testing to reach the one composition Corning ends up putting into the next generation of Gorilla Glass.

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.

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