Materials company Corning is seeing growth on multiple fronts and should be a winner for investors in 2022, according to Goldman Sachs. Analyst Rod Hall upgraded the glassmaker to buy from hold, saying in a note to clients Thursday that Corning is "a key stock to own." "We expect Display risk to recede while Optical, Environmental and Hemlock tailwinds continue and strengthen. We also see resumption of the buyback as a sign of management confidence in fundamentals," Hall wrote. Goldman hiked its price target on the stock to $50 per share from $38. The new target is 27% above where the stock closed Wednesday. The upgrade comes on the heels of a stronger-than-expected fourth quarter from Corning, with beats for earnings per share and core revenues. The stock rose 11% Wednesday after the earnings report. Shares gained nearly 2% in premarket trading Thursday. Corning also appears to be getting a benefit from the solar power industry, through its silicon production business Hemlock. "Hemlock is seeing solid solar demand and Corning is restarting mothballed production capacity there to meet growing demand," the note said. — CNBC's Michael Bloom contributed to this report.
Materials company Corning is seeing growth on multiple fronts and should be a winner for investors in 2022, according to Goldman Sachs.